TD Cowen Downgrades Calumet Specialty Products Partners (NASDAQ:CLMT) to Hold

TD Cowen lowered shares of Calumet Specialty Products Partners (NASDAQ:CLMT) from a buy rating to a hold rating in a report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $16.00 price objective on the oil and gas company’s stock, down from their prior price objective of $26.00.

Several other research firms have also commented on CLMT. HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, UBS Group downgraded Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $20.50 to $15.00 in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $21.40.

Calumet Specialty Products Partners Stock Down 4.1 %

Shares of NASDAQ CLMT opened at $12.45 on Tuesday. The firm has a 50-day moving average price of $17.68 and a 200 day moving average price of $19.15. Calumet Specialty Products Partners has a 52 week low of $9.97 and a 52 week high of $25.29. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -4.51 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.59. The firm had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $921.76 million. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.59) earnings per share. Equities research analysts expect that Calumet Specialty Products Partners will post -3.02 EPS for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

In other news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction on 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 directly owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David Lunin bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the completion of the transaction, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ? increase in their position. The disclosure for this purchase can be found here. Insiders own 2.91% of the company’s stock.

About Calumet Specialty Products Partners

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.