HC Wainwright Has Negative Estimate for CLMT FY2024 Earnings

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) – Equities research analysts at HC Wainwright cut their FY2024 EPS estimates for Calumet Specialty Products Partners in a note issued to investors on Monday, November 11th. HC Wainwright analyst A. Dayal now expects that the oil and gas company will post earnings of ($3.02) per share for the year, down from their prior estimate of ($2.05). HC Wainwright has a “Buy” rating and a $25.00 price target on the stock. The consensus estimate for Calumet Specialty Products Partners’ current full-year earnings is ($2.02) 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $888.36 million. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period last year, the business earned $0.03 earnings per share.

A number of other analysts have also recently weighed in on CLMT. The Goldman Sachs Group dropped their target price on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, August 5th. TD Cowen lowered their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday. Wells Fargo & Company lifted 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 research report on Monday, October 21st. Finally, StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research report on Wednesday, October 23rd. They issued a “sell” rating for the company. One 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 stock presently has an average rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Price Performance

NASDAQ CLMT opened at $19.90 on Thursday. The company’s fifty day moving average price is $19.44 and its two-hundred day moving average price is $17.06. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of -7.21 and a beta of 1.90. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $25.29.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Wasserstein Debt Opportunities Management L.P. lifted its holdings in shares of Calumet Specialty Products Partners by 2.9% during the 2nd 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 last quarter. Raymond James & Associates boosted its stake in shares of Calumet Specialty Products Partners by 13.4% during the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after acquiring an additional 67,689 shares in the last quarter. DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners during the 2nd quarter valued at about $898,000. Creative Planning lifted its holdings in 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 worth $1,002,000 after purchasing an additional 19,800 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners during the second quarter valued at approximately $169,000. Institutional investors and hedge funds 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.