TD Cowen Lowers Calumet Specialty Products Partners (NASDAQ:CLMT) Price Target to $26.00

Calumet Specialty Products Partners (NASDAQ:CLMT) had its price objective lowered by TD Cowen from $27.00 to $26.00 in a research note released on Monday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

A number of other research analysts also recently issued reports on CLMT. The Goldman Sachs Group cut their price target on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research report on Wednesday, October 23rd. They set a “sell” rating for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

Calumet Specialty Products Partners Price Performance

NASDAQ:CLMT opened at $20.49 on Monday. Calumet Specialty Products Partners has a 1-year low of $9.97 and a 1-year high of $25.29. The company has a 50-day moving average of $19.50 and a 200 day moving average of $17.09. The firm has a market cap of $1.76 billion, a PE ratio of -7.42 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $888.36 million. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. Sell-side analysts anticipate that Calumet Specialty Products Partners will post -2.02 EPS for the current fiscal year.

Insider Transactions at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total value of $2,059,000.00. Following the completion of the sale, the director now directly owns 1,388,529 shares in the company, valued at $28,589,812.11. This trade represents a 6.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Founders Financial Alliance LLC grew its holdings in shares of Calumet Specialty Products Partners by 8.4% during the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after buying an additional 3,750 shares during the last quarter. Creative Planning grew its stake in Calumet Specialty Products Partners by 46.4% during the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after purchasing an additional 19,800 shares during the last quarter. DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners in the second quarter valued at about $898,000. Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners in the second quarter valued at about $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its stake in shares of Calumet Specialty Products Partners by 2.9% in the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after purchasing an additional 193,063 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.