Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Up 3.7% - Here's Why
Calumet Specialty Products Partners (NASDAQ:CLMT) saw its stock price rise by 3.7% to $12.69 during trading, despite a significant drop in trading volume. Analysts have mixed opinions on the stock, with TD Cowen downgrading it to 'hold' and lowering the price target to $16, while HC Wainwright maintains a 'buy' rating with a target of $33. The company reported a quarterly EPS of ($0.47), exceeding estimates, and CFO David Lunin purchased shares, increasing insider ownership. The stock has a consensus rating of 'Hold' with an average price target of $20.80.
Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) were up 3.7% during trading on Wednesday . The company traded as high as $12.60 and last traded at $12.69. Approximately 73,200 shares were traded during trading, a decline of 90% from the average daily volume of 700,350 shares. The stock had previously closed at $12.23.
Wall Street Analyst Weigh In
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Several research analysts have recently issued reports on CLMT shares. TD Cowen cut shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and decreased their price objective for the company from $26.00 to $16.00 in a report on Tuesday, March 4th. Wells Fargo & Company cut their target price on Calumet Specialty Products Partners from $29.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. UBS Group upgraded Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and lowered their price target for the company from $15.00 to $12.00 in a research report on Monday, March 17th. Finally, HC Wainwright restated a "buy" rating and issued a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $20.80.
Read Our Latest Analysis on Calumet Specialty Products Partners
Calumet Specialty Products Partners Price Performance
The stock has a market capitalization of $1.07 billion, a P/E ratio of -4.57 and a beta of 1.88. The stock's fifty day moving average is $15.05 and its two-hundred day moving average is $18.55.
Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data 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 company had revenue of $949.50 million for the quarter, compared to the consensus estimate of $921.76 million. The business's revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.59) earnings per share. Analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.
Insider Buying and Selling
In other news, CFO David Lunin purchased 2,500 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, for a total transaction of $32,625.00. Following the transaction, the chief financial officer now owns 2,500 shares in the company, valued at $32,625. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.91% of the stock is currently owned by company insiders.
Calumet Specialty Products Partners Company Profile
(Get Free Report)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.
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