Calumet Specialty Products Partners (NASDAQ:CLMT) Upgraded to “Sell” at StockNews.com

Calumet Specialty Products Partners (NASDAQ:CLMT) was upgraded by research analysts at StockNews.com to a “sell” rating in a report released on Monday.

Several other equities research analysts also recently weighed in on the stock. TD Cowen cut their target price on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. The Goldman Sachs Group reduced their target price on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wells Fargo & Company boosted their price target on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, November 11th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.75.

Calumet Specialty Products Partners Stock Performance

Calumet Specialty Products Partners stock opened at $20.79 on Monday. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -7.53 and a beta of 1.90. The company’s 50 day simple moving average is $19.75 and its 200-day simple moving average is $17.21. Calumet Specialty Products Partners has a 1 year low of $9.97 and a 1 year high of $25.29.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $888.36 million. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. Equities analysts expect that Calumet Specialty Products Partners will post -2.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the sale, the director now owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. The trade was a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.91% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Founders Financial Alliance LLC boosted its holdings in shares of Calumet Specialty Products Partners by 8.4% in the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after acquiring an additional 3,750 shares during the period. Creative Planning raised its position in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after purchasing an additional 19,800 shares during the last quarter. DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners during the 2nd quarter worth $898,000. Wedbush Securities Inc. purchased a new position in Calumet Specialty Products Partners during the 2nd quarter worth $169,000. Finally, Wasserstein Debt Opportunities Management L.P. increased its stake in Calumet Specialty Products Partners by 2.9% in the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock valued at $110,606,000 after purchasing an additional 193,063 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

Calumet, Inc manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments.