Calumet Specialty Products Partners (NASDAQ:CLMT) Coverage Initiated at StockNews.com

Analysts at StockNews.com began coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT) in a research note issued on Wednesday. The firm set a “sell” rating on the oil and gas company’s stock.

Other analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Thursday, October 17th. The Goldman Sachs Group dropped their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, August 5th. TD Cowen increased their price objective on Calumet Specialty Products Partners from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Wells Fargo & Company raised their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Calumet Specialty Products Partners Price Performance

Shares of NASDAQ CLMT opened at $21.19 on Wednesday. Calumet Specialty Products Partners has a one year low of $9.97 and a one year high of $25.29. The firm’s 50 day simple moving average is $18.74 and its two-hundred day simple moving average is $16.52. The stock has a market capitalization of $1.70 billion, a P/E ratio of -302.64 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings data on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $889.17 million. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the company posted ($0.19) EPS. As a group, equities analysts expect that Calumet Specialty Products Partners will post -1.97 earnings per share for the current fiscal year.

Institutional Trading of Calumet Specialty Products Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Founders Financial Alliance LLC lifted its position in Calumet Specialty Products Partners by 8.4% during 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 buying an additional 3,750 shares during the period. Creative Planning lifted its position in Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares during the period. DRW Securities LLC purchased a new position in Calumet Specialty Products Partners during the second quarter valued at $898,000. Wedbush Securities Inc. purchased a new position in Calumet Specialty Products Partners during the second quarter valued at $169,000. Finally, Wasserstein Debt Opportunities Management L.P. lifted its position in Calumet Specialty Products Partners by 2.9% during 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 buying an additional 193,063 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

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.