TD Cowen Issues Pessimistic Forecast for Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price objective lowered by TD Cowen from $27.00 to $26.00 in a report released on Monday morning, Marketbeat reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

A number of other equities analysts have also recently commented on the stock. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research note on Wednesday, October 23rd. They issued a “sell” rating for the company. The Goldman Sachs Group dropped their price target on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, August 5th. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday. Finally, Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Calumet Specialty Products Partners has an average rating of “Moderate Buy” and an average target price of $23.75.

Calumet Specialty Products Partners Trading Up 3.0 %

NASDAQ:CLMT opened at $20.49 on Monday. The business’s 50-day moving average is $19.50 and its 200 day moving average is $17.09. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $25.29. The company has a market capitalization of $1.76 billion, a P/E ratio of -7.42 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 (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. Calumet Specialty Products Partners’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. On average, research analysts forecast that Calumet Specialty Products Partners will post -2.02 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Jennifer Straumins sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the transaction, the director now owns 1,388,529 shares of the company’s stock, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Large investors have recently bought and sold shares of the business. Sapient Capital LLC increased its stake in Calumet Specialty Products Partners by 9.5% in the second quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock worth $185,000 after purchasing an additional 1,000 shares during the period. FAS Wealth Partners Inc. grew its holdings in shares of Calumet Specialty Products Partners by 4.5% in the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock worth $869,000 after purchasing an additional 2,308 shares during the last quarter. Founders Financial Alliance LLC increased its stake in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after buying an additional 3,750 shares during the period. ARS Investment Partners LLC lifted its holdings in Calumet Specialty Products Partners by 16.7% during the 2nd quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock valued at $506,000 after buying an additional 4,500 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in Calumet Specialty Products Partners in the 2nd quarter valued at about $169,000. 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.