Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Down 5.3% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price dropped 5.3% during mid-day trading on Friday . The stock traded as low as $20.64 and last traded at $20.71. Approximately 133,784 shares were traded during trading, a decline of 62% from the average daily volume of 352,902 shares. The stock had previously closed at $21.87.

Analyst Upgrades and Downgrades

CLMT has been the topic of a number of research analyst reports. TD Cowen boosted their price target on Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday. HC Wainwright restated a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Thursday. The Goldman Sachs Group reduced their price target 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. Finally, StockNews.com started coverage on shares of Calumet Specialty Products Partners in a report on Tuesday, October 15th. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Calumet Specialty Products Partners currently has an average rating of “Moderate Buy” and a consensus target price of $22.33.

Calumet Specialty Products Partners Price Performance

The company has a market cap of $1.61 billion, a P/E ratio of -286.57 and a beta of 1.92. The firm’s 50-day moving average is $18.31 and its two-hundred day moving average is $16.36.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.07. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $889.17 million. During the same quarter last year, the firm earned ($0.19) earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current year.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several institutional investors have recently modified their holdings of CLMT. Future Financial Wealth Managment LLC purchased a new stake in Calumet Specialty Products Partners during the 1st quarter valued at $119,000. Wedbush Securities Inc. bought a new stake in shares of Calumet Specialty Products Partners in the 2nd quarter worth about $169,000. Deuterium Capital Management LLC bought a new stake in shares of Calumet Specialty Products Partners in the 1st quarter worth about $159,000. Mcintyre Freedman & Flynn Investment Advisers Inc. bought a new position in Calumet Specialty Products Partners during the 1st quarter valued at about $171,000. Finally, Sapient Capital LLC raised its position in Calumet Specialty Products Partners by 9.5% in the 2nd 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. 34.41% of the stock is owned by institutional investors.

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.