Calumet Specialty Products Partners (NASDAQ:CLMT) Given New $33.00 Price Target at HC Wainwright

Calumet Specialty Products Partners (NASDAQ:CLMT) had its target price raised by equities researchers at HC Wainwright from $25.00 to $33.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. HC Wainwright’s target price points to a potential upside of 49.59% from the stock’s current price.

Other analysts have also issued reports about the stock. Wells Fargo & Company upped their price target on shares of 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. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Finally, TD Cowen reduced their price objective on shares of 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. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Calumet Specialty Products Partners Price Performance

CLMT stock traded up $0.31 during trading hours on Monday, reaching $22.06. 1,178,947 shares of the stock were exchanged, compared to its average volume of 836,126. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -7.99 and a beta of 1.90. The firm’s 50-day moving average is $21.40 and its 200-day moving average is $18.71. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $25.29.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $888.36 million. During the same period in the prior year, the business posted $0.03 earnings per share. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that Calumet Specialty Products Partners will post -2.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the transaction, the director now directly owns 1,184,589 shares in the company, valued at approximately $25,373,896.38. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CLMT. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners during the second quarter worth about $169,000. Founders Financial Alliance LLC increased 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 worth $777,000 after buying an additional 3,750 shares in the last quarter. DRW Securities LLC bought a new position in shares of Calumet Specialty Products Partners in the 2nd quarter valued at $898,000. Finally, Creative Planning boosted its holdings in shares of 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 acquiring an additional 19,800 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.