Calumet Specialty Products Partners (NASDAQ:CLMT) Cut to “Hold” at TD Cowen

TD Cowen lowered shares of Calumet Specialty Products Partners (NASDAQ:CLMT) from a buy rating to a hold rating in a research report released on Tuesday morning, MarketBeat Ratings reports. They currently have $16.00 price objective on the oil and gas company’s stock, down from their prior price objective of $26.00.

Several other equities research analysts have also commented on the stock. HC Wainwright reiterated a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, UBS Group cut Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and decreased their target price for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Calumet Specialty Products Partners currently has an average rating of “Hold” and an average target price of $21.40.

Calumet Specialty Products Partners Trading Down 4.1 %

Shares of CLMT stock opened at $12.45 on Tuesday. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $25.29. The company has a market cap of $1.07 billion, a P/E ratio of -4.51 and a beta of 1.88. The firm has a fifty day moving average price of $17.68 and a 200 day moving average price of $19.15.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share 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 analysts’ expectations of $921.76 million. During the same quarter in the previous year, the firm earned ($0.59) EPS. Calumet Specialty Products Partners’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities analysts forecast that Calumet Specialty Products Partners will post -3.02 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jennifer Straumins sold 37,861 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 in the company, valued at $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO David Lunin purchased 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $13.05 per share, with a total value of $32,625.00. Following the completion of the acquisition, the chief financial officer now owns 2,500 shares of the company’s stock, valued at approximately $32,625. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.91% of the stock is currently owned by insiders.

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.