Calumet Specialty Products Partners (NASDAQ:CLMT) Reaches New 1-Year Low on Analyst Downgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price hit a new 52-week low during trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $16.00 to $14.00. The Goldman Sachs Group currently has a buy rating on the stock. Calumet Specialty Products Partners traded as low as $10.14 and last traded at $10.60, with a volume of 1079598 shares changing hands. The stock had previously closed at $10.86.

CLMT has been the subject of several other reports. UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $15.00 to $12.00 in a research note on Monday, March 17th. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. Wells Fargo & Company dropped their price target on Calumet Specialty Products Partners from $28.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Finally, TD Cowen cut Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $16.00 in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Calumet Specialty Products Partners currently has a consensus rating of “Hold” and an average target price of $19.60.

Insider Buying and Selling at Calumet Specialty Products Partners

In other news, CFO David Lunin bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the purchase, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen P. Mawer sold 3,655 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $12.88, for a total transaction of $47,076.40. Following the sale, the director now directly owns 287,307 shares in the company, valued at $3,700,514.16. This trade represents a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.91% of the stock is owned by corporate insiders.

Calumet Specialty Products Partners Stock Performance

The firm has a market capitalization of $918.31 million, a PE ratio of -3.87 and a beta of 1.42. The firm’s 50 day moving average price is $11.55 and its 200-day moving average price is $17.01.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.59. The business had revenue of $949.50 million during the quarter, compared to analyst estimates of $921.76 million. During the same period in the previous year, the company posted ($0.59) EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities research analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.