Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 4%

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares dropped 4% during trading on Monday . The stock traded as low as $17.01 and last traded at $17.04. Approximately 202,761 shares changed hands during trading, a decline of 17% from the average daily volume of 245,493 shares. The stock had previously closed at $17.75.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CLMT. StockNews.com assumed coverage on Calumet Specialty Products Partners in a research note on Thursday, September 5th. They set a “hold” rating on the stock. TD Cowen reduced their price target on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group dropped their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Calumet Specialty Products Partners Price Performance

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -228.29 and a beta of 1.92. The firm has a fifty day simple moving average of $15.67 and a two-hundred day simple moving average of $15.60.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $889.17 million. During the same period in the previous year, the company earned ($0.19) earnings per share. Calumet Specialty Products Partners’s revenue was up 11.4% on a year-over-year basis. Equities analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CLMT. ICA Group Wealth Management LLC purchased a new position in shares of Calumet Specialty Products Partners during the 4th quarter valued at about $116,000. Future Financial Wealth Managment LLC acquired a new position in Calumet Specialty Products Partners in the first quarter valued at approximately $119,000. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners in the second quarter valued at approximately $169,000. Deuterium Capital Management LLC purchased a new stake in Calumet Specialty Products Partners in the 1st quarter worth approximately $159,000. Finally, Mcintyre Freedman & Flynn Investment Advisers Inc. acquired a new stake in shares of Calumet Specialty Products Partners during the 1st quarter worth approximately $171,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.