Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Down 4.3% Following Analyst Downgrade

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) were down 4.3% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $29.00 to $28.00. Wells Fargo & Company currently has an overweight rating on the stock. Calumet Specialty Products Partners traded as low as $12.40 and last traded at $12.48. 62,662 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,435,905 shares. The stock had previously closed at $13.04.

Several other analysts have also issued reports on CLMT. TD Cowen lowered Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $16.00 in a report on Tuesday. UBS Group cut Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $20.50 to $15.00 in a research note on Tuesday, February 4th. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Calumet Specialty Products Partners has an average rating of “Hold” and an average target price of $21.40.

Insider Transactions at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated 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 owns 1,184,589 shares of the company’s stock, valued at approximately $25,373,896.38. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David Lunin bought 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 2,500 shares of the company’s stock, valued at $32,625. The trade was a ? increase in their position. The disclosure for this purchase can be found here. 2.91% of the stock is currently owned by corporate insiders.

Calumet Specialty Products Partners Stock Performance

The company’s 50 day moving average is $17.68 and its 200 day moving average is $19.15. The firm has a market cap of $1.08 billion, a P/E ratio of -4.52 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 for the quarter, compared to analyst estimates of $921.76 million. During the same period last year, the business earned ($0.59) EPS. The company’s revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

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.