HC Wainwright Issues Pessimistic Outlook for CLMT Earnings

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) – Analysts at HC Wainwright dropped their FY2024 EPS estimates for Calumet Specialty Products Partners in a research report issued to clients and investors on Monday, November 11th. HC Wainwright analyst A. Dayal now forecasts that the oil and gas company will post earnings per share of ($3.02) for the year, down from their prior estimate of ($2.05). HC Wainwright has a “Buy” rating and a $25.00 price objective on the stock. The consensus estimate for Calumet Specialty Products Partners’ current full-year earnings is ($2.87) per share. HC Wainwright also issued estimates for Calumet Specialty Products Partners’ Q4 2024 earnings at ($1.13) EPS and FY2025 earnings at $0.28 EPS.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data 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. During the same quarter last year, the firm posted $0.03 EPS. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year.

Several other brokerages also recently commented on CLMT. The Goldman Sachs Group reduced their target price on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a report on Monday, August 5th. Wells Fargo & Company boosted their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, October 21st. StockNews.com initiated coverage on shares of Calumet Specialty Products Partners in a report on Wednesday, October 23rd. They issued a “sell” rating for the company. Finally, TD Cowen cut their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Calumet Specialty Products Partners presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

Calumet Specialty Products Partners Price Performance

Shares of CLMT opened at $20.92 on Thursday. The firm has a 50-day moving average of $19.56 and a 200-day moving average of $17.12. Calumet Specialty Products Partners has a one year low of $9.97 and a one year high of $25.29. The company has a market cap of $1.80 billion, a PE ratio of -7.58 and a beta of 1.90.

Insider Buying and Selling

In other news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the completion of the transaction, the director now directly owns 1,388,529 shares in the company, valued at $28,589,812.11. This trade represents a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.91% of the stock is owned by insiders.

Institutional Trading of Calumet Specialty Products Partners

Several hedge funds have recently added to or reduced their stakes in CLMT. Wasserstein Debt Opportunities Management L.P. raised its position in shares of Calumet Specialty Products Partners by 2.9% in 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 purchasing an additional 193,063 shares during the period. Raymond James & Associates boosted its stake in shares of Calumet Specialty Products Partners by 13.4% in the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after purchasing an additional 67,689 shares in the last quarter. Creative Planning boosted its stake in shares of Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after purchasing an additional 19,800 shares in the last quarter. DRW Securities LLC bought a new stake in Calumet Specialty Products Partners during the 2nd quarter valued at $898,000. Finally, FAS Wealth Partners Inc. raised its holdings in Calumet Specialty Products Partners by 4.5% during the 2nd quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after buying an additional 2,308 shares during the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

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.