Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 6.6% – Time to Sell?

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) traded down 6.6% on Tuesday . The stock traded as low as $19.78 and last traded at $20.54. 262,750 shares were traded during mid-day trading, a decline of 71% from the average session volume of 921,490 shares. The stock had previously closed at $22.00.

Wall Street Analysts Forecast Growth

CLMT has been the subject of a number of recent analyst reports. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Wells Fargo & Company increased their price target 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. HC Wainwright lifted their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday. Finally, TD Cowen cut their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.75.

Calumet Specialty Products Partners Stock Down 4.1 %

The firm has a market capitalization of $1.56 billion, a P/E ratio of -6.58 and a beta of 1.90. The company’s 50 day moving average is $21.37 and its 200-day moving average is $18.77.

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

Insider Buying and Selling at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the company’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 transaction, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Creative Planning raised its holdings 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 worth $1,002,000 after acquiring an additional 19,800 shares during the last quarter. Founders Financial Alliance LLC increased its holdings in Calumet Specialty Products Partners by 8.4% during the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after purchasing an additional 3,750 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in Calumet Specialty Products Partners during the 2nd quarter worth approximately $898,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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.