Calumet Specialty Products Partners (NASDAQ:CLMT) Trading 1.7% Higher – Time to Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares rose 1.7% on Friday . The stock traded as high as $21.11 and last traded at $20.96. Approximately 66,578 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 426,444 shares. The stock had previously closed at $20.60.

Analyst Ratings Changes

CLMT has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on shares of 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 raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. TD Cowen reduced 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 report on Monday, November 11th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Trading Up 0.6 %

The company has a market cap of $1.78 billion, a price-to-earnings ratio of -7.51 and a beta of 1.91. The company has a fifty day moving average price of $21.21 and a two-hundred day moving average price of $18.24.

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 (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $888.36 million. Calumet Specialty Products Partners’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Sell-side analysts anticipate that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the transaction, the director now directly owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Institutional investors have recently modified their holdings of the stock. Wasserstein Debt Opportunities Management L.P. increased its holdings 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 valued at $110,606,000 after purchasing an additional 193,063 shares in the last quarter. Creative Planning boosted its position in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares during the last quarter. Founders Financial Alliance LLC increased its stake in shares of Calumet Specialty Products Partners by 8.4% in the 2nd 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 period. DRW Securities LLC bought a new stake in shares of Calumet Specialty Products Partners during the second quarter worth $898,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners during the second quarter valued at $169,000. 34.41% of the stock is owned by 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.