Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. The Company also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has three plants located in northwest Louisiana. “

CLMT has been the topic of a number of other reports. Wells Fargo & Company lifted their price objective on shares of Calumet Specialty Products Partners, L.P. from $7.00 to $10.00 and gave the company an “outperform” rating in a research note on Friday, September 29th. They noted that the move was a valuation call. BidaskClub raised shares of Calumet Specialty Products Partners, L.P. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. ValuEngine raised shares of Calumet Specialty Products Partners, L.P. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd. Janney Montgomery Scott raised shares of Calumet Specialty Products Partners, L.P. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $6.00 to $8.50 in a research note on Monday, August 14th. Finally, Cowen and Company reissued a “hold” rating and issued a $5.00 price objective on shares of Calumet Specialty Products Partners, L.P. in a research note on Friday, July 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Calumet Specialty Products Partners, L.P. currently has an average rating of “Hold” and an average price target of $6.00.

Shares of Calumet Specialty Products Partners, L.P. (CLMT) traded up 1.18% on Wednesday, hitting $8.55. The stock had a trading volume of 222,713 shares. Calumet Specialty Products Partners, L.P. has a 12-month low of $8.40 and a 12-month high of $8.65.

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, August 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.58. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $841.00 million. Calumet Specialty Products Partners, L.P. had a negative net margin of 2.81% and a negative return on equity of 48.17%. Equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post $0.08 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This piece of content was published by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of United States and international copyright and trademark law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/10/04/calumet-specialty-products-partners-l-p-clmt-cut-to-hold-at-zacks-investment-research.html.

In related news, CFO David West Griffin bought 9,000 shares of the business’s stock in a transaction on Friday, July 7th. The shares were purchased at an average price of $4.15 per share, for a total transaction of $37,350.00. Following the completion of the transaction, the chief financial officer now directly owns 19,600 shares of the company’s stock, valued at approximately $81,340. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders acquired 52,405 shares of company stock worth $248,764 in the last 90 days. Company insiders own 4.75% of the company’s stock.

A number of institutional investors have recently modified their holdings of CLMT. Investment Centers of America Inc. boosted its position in Calumet Specialty Products Partners, L.P. by 1.2% in the second quarter. Investment Centers of America Inc. now owns 23,984 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 292 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in Calumet Specialty Products Partners, L.P. in the second quarter valued at approximately $110,000. Fifth Third Bancorp boosted its position in Calumet Specialty Products Partners, L.P. by 5.0% in the first quarter. Fifth Third Bancorp now owns 31,800 shares of the oil and gas company’s stock valued at $121,000 after buying an additional 1,500 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Calumet Specialty Products Partners, L.P. by 350.0% in the second quarter. JPMorgan Chase & Co. now owns 36,000 shares of the oil and gas company’s stock valued at $154,000 after buying an additional 28,000 shares in the last quarter. Finally, Virtu KCG Holdings LLC boosted its position in Calumet Specialty Products Partners, L.P. by 6.6% in the second quarter. Virtu KCG Holdings LLC now owns 47,580 shares of the oil and gas company’s stock valued at $202,000 after buying an additional 2,931 shares in the last quarter. Hedge funds and other institutional investors own 9.70% of the company’s stock.

About Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products in North America. The Company operates through three segments: specialty products, fuel products and oilfield services. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes.

Get a free copy of the Zacks research report on Calumet Specialty Products Partners, L.P. (CLMT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)

Receive News & Ratings for Calumet Specialty Products Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Calumet Specialty Products Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.