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

StockNews.com started coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT) in a report issued on Saturday. The brokerage issued a hold rating on the oil and gas company’s stock.

CLMT has been the subject of a number of other research reports. HC Wainwright reissued a buy rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, August 12th. The Goldman Sachs Group decreased their price objective on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a buy rating for the company in a research note on Monday, August 5th. Finally, TD Cowen cut their target price on shares of 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. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $19.33.

Calumet Specialty Products Partners Stock Down 4.3 %

Shares of CLMT opened at $17.22 on Friday. The firm has a market cap of $1.38 billion, a PE ratio of -246.00 and a beta of 1.92. The company’s fifty day moving average is $15.86 and its two-hundred day moving average is $15.71. Calumet Specialty Products Partners has a fifty-two week low of $9.97 and a fifty-two week high of $21.19.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued 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 firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $889.17 million. Calumet Specialty Products Partners’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.19) EPS. As a group, equities research analysts anticipate that Calumet Specialty Products Partners will post -1.92 earnings per share for the current year.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLMT. Wasserstein Debt Opportunities Management L.P. grew its stake in Calumet Specialty Products Partners by 2.9% during the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock valued at $110,606,000 after purchasing an additional 193,063 shares in the last quarter. Raymond James & Associates increased its stake in shares of Calumet Specialty Products Partners by 13.4% in the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after buying an additional 67,689 shares during the last quarter. Grizzlyrock Capital LLC acquired a new stake in Calumet Specialty Products Partners in the fourth quarter valued at $8,909,000. Corient Private Wealth LLC acquired a new stake in Calumet Specialty Products Partners in the fourth quarter valued at $8,312,000. Finally, Brown Advisory Inc. boosted its stake in Calumet Specialty Products Partners by 6.2% during the 4th quarter. Brown Advisory Inc. now owns 85,613 shares of the oil and gas company’s stock valued at $1,530,000 after acquiring an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet, Inc 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; Montana/Renewables; and Performance brands segments.