Calumet Specialty Products Partners (NASDAQ:CLMT) Releases Earnings Results, Beats Expectations By $0.59 EPS

Calumet Specialty Products Partners (NASDAQ:CLMT) released its earnings results on Friday. The oil and gas company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.59, Zacks reports. The business had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $921.76 million. During the same period in the prior year, the company earned ($0.59) earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year.

Calumet Specialty Products Partners Stock Performance

Shares of NASDAQ:CLMT traded down $0.66 during midday trading on Friday, reaching $14.32. 1,079,618 shares of the company’s stock traded hands, compared to its average volume of 1,400,900. Calumet Specialty Products Partners has a one year low of $9.97 and a one year high of $25.29. The stock has a 50 day moving average of $18.23 and a 200 day moving average of $19.20. The company has a market cap of $1.23 billion, a price-to-earnings ratio of -5.17 and a beta of 1.88.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total value 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 $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.91% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on CLMT. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. UBS Group downgraded Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and cut their price target for the stock from $20.50 to $15.00 in a research note on Tuesday, February 4th. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research note on Wednesday, February 12th. Finally, TD Cowen dropped their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.60.

Calumet Specialty Products Partners Company Profile

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.