StockNews.com Begins Coverage on Calumet Specialty Products Partners (NASDAQ:CLMT)

StockNews.com initiated coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT) in a research report report published on Friday. The firm issued a hold rating on the oil and gas company’s stock.

A number of other brokerages have also issued reports on CLMT. HC Wainwright reissued a buy rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, August 12th. TD Cowen dropped their price objective on Calumet Specialty Products Partners from $20.00 to $18.00 and set a buy rating on the stock in a research note on Monday, August 12th. Finally, The Goldman Sachs Group decreased their target price on Calumet Specialty Products Partners from $17.00 to $15.00 and set a buy rating for the company in a research report on Monday, August 5th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $19.33.

Calumet Specialty Products Partners Trading Up 3.5 %

NASDAQ:CLMT opened at $17.16 on Friday. The company has a market capitalization of $1.47 billion, a P/E ratio of -245.14 and a beta of 1.92. The business’s 50-day moving average is $15.69 and its 200 day moving average is $15.60. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $21.19.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.07. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $889.17 million. During the same period last year, the business posted ($0.19) earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, research analysts forecast that Calumet Specialty Products Partners will post -1.92 earnings per share for the current year.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in CLMT. Wasserstein Debt Opportunities Management L.P. purchased a new position in shares of Calumet Specialty Products Partners in the 4th quarter valued at approximately $119,698,000. Raymond James & Associates boosted its position in Calumet Specialty Products Partners by 13.4% in the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after purchasing an additional 67,689 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Calumet Specialty Products Partners in the 1st quarter valued at $493,000. Corient Private Wealth LLC purchased a new stake in Calumet Specialty Products Partners during the fourth quarter worth $8,312,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Calumet Specialty Products Partners during the fourth quarter valued at $116,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet Specialty Products Partners, L.P. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Performance brands; Montana/Renewables; and Corporate segments.