Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price Down 5.5% – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price was down 5.5% during trading on Friday . The stock traded as low as $20.60 and last traded at $20.62. Approximately 309,967 shares changed hands during trading, a decline of 25% from the average daily volume of 411,978 shares. The stock had previously closed at $21.83.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. TD Cowen dropped their price objective on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company lifted their price objective on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. Finally, StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Calumet Specialty Products Partners has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Trading Down 4.7 %

The business has a 50 day simple moving average of $21.27 and a two-hundred day simple moving average of $17.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $888.36 million. During the same quarter last year, the firm posted $0.03 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insider Activity at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total value of $2,059,000.00. Following the transaction, the director now owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. This trade represents a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.91% of the stock is owned by insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of large investors have recently modified their holdings of the company. Raymond James & Associates increased its position in Calumet Specialty Products Partners by 13.4% during 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. FAS Wealth Partners Inc. raised its stake in shares of Calumet Specialty Products Partners by 4.5% in the 2nd quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after acquiring an additional 2,308 shares during the period. Wasserstein Debt Opportunities Management L.P. lifted its holdings in shares of 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 acquiring an additional 193,063 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in Calumet Specialty Products Partners during the 2nd quarter worth $169,000. Finally, DRW Securities LLC acquired a new stake in Calumet Specialty Products Partners in the 2nd quarter valued at $898,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

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.