Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 6.6% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) traded down 6.6% on Tuesday . The stock traded as low as $19.78 and last traded at $20.54. 262,750 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 921,490 shares. The stock had previously closed at $22.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CLMT shares. TD Cowen cut their target price on 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. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. HC Wainwright upped their target price on shares of Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Wells Fargo & Company lifted their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Calumet Specialty Products Partners Trading Down 9.0 %

The firm has a 50-day moving average price of $21.42 and a 200-day moving average price of $18.75. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -7.25 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $888.36 million. Calumet Specialty Products Partners’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 EPS. Equities research analysts predict that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current fiscal year.

Insider Transactions at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total value of $2,059,000.00. Following the completion of the sale, the director now owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.91% of the company’s stock.

Institutional Trading of Calumet Specialty Products Partners

Hedge funds have recently modified their holdings of the business. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners during the second quarter valued at $169,000. Founders Financial Alliance LLC grew its stake in Calumet Specialty Products Partners by 8.4% during the 2nd 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 in the last quarter. DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners in the 2nd quarter valued at about $898,000. Finally, Creative Planning lifted its position in shares of Calumet Specialty Products Partners by 46.4% in the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after purchasing an additional 19,800 shares in the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

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.