Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 4.1% – Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares fell 4.1% during mid-day trading on Monday . The stock traded as low as $22.50 and last traded at $22.61. 212,708 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 634,645 shares. The stock had previously closed at $23.58.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CLMT shares. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. Wells Fargo & Company boosted their price objective 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. TD Cowen dropped their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Calumet Specialty Products Partners Trading Down 4.5 %

The firm’s fifty day simple moving average is $21.34 and its 200 day simple moving average is $18.51. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -8.16 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $888.36 million. During the same period in the previous year, the company earned $0.03 EPS. The company’s revenue was down 4.3% on a year-over-year basis. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current year.

Insider Buying and Selling

In other news, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the sale, the director now owns 1,184,589 shares in the company, valued at approximately $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Hedge funds have recently added to or reduced their stakes in the company. Founders Financial Alliance LLC increased its holdings in Calumet Specialty Products Partners by 8.4% in 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 in the last quarter. Wedbush Securities Inc. purchased a new position in Calumet Specialty Products Partners in the 2nd quarter valued at approximately $169,000. Creative Planning raised its holdings 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 worth $1,002,000 after purchasing an additional 19,800 shares during the last quarter. Finally, DRW Securities LLC purchased a new stake in Calumet Specialty Products Partners during the second quarter worth $898,000. Institutional investors and hedge funds 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.