Wells Fargo & Company Has Lowered Expectations for Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price target cut by Wells Fargo & Company from $29.00 to $28.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Other analysts have also recently issued research reports about the stock. TD Cowen cut shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their price objective for the company from $26.00 to $16.00 in a research note on Tuesday. UBS Group lowered Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and dropped their price target for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. Finally, HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Calumet Specialty Products Partners presently has a consensus rating of “Hold” and a consensus target price of $21.40.

Calumet Specialty Products Partners Price Performance

NASDAQ CLMT opened at $12.98 on Wednesday. Calumet Specialty Products Partners has a 1-year low of $9.97 and a 1-year high of $25.29. The company has a market cap of $1.12 billion, a PE ratio of -4.70 and a beta of 1.88. The stock’s 50 day simple moving average is $17.83 and its 200-day simple moving average is $19.20.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.59. The business had revenue of $949.50 million for the quarter, compared to analyst estimates of $921.76 million. During the same period last year, the firm earned ($0.59) EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Calumet Specialty Products Partners will post -3.02 EPS for the current fiscal year.

Insider Activity

In other Calumet Specialty Products Partners news, CFO David Lunin acquired 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $13.05 per share, with a total value of $32,625.00. Following the transaction, the chief financial officer now owns 2,500 shares of the company’s stock, valued at $32,625. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jennifer Straumins sold 37,861 shares of the company’s 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 transaction, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.91% of the company’s stock.

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.