Bank of America Initiates Coverage on Calumet Specialty Products Partners (NASDAQ:CLMT)

Bank of America assumed coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT - Free Report) in a research note released on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $15.00 price objective on the oil and gas company's stock.

A number of other brokerages also recently commented on CLMT. TD Cowen downgraded Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and lowered their target price for the company from $26.00 to $16.00 in a research note on Tuesday, March 4th. HC Wainwright restated a "buy" rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. The Goldman Sachs Group lowered their target price on Calumet Specialty Products Partners from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company lowered their target price on Calumet Specialty Products Partners from $28.00 to $23.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, UBS Group upgraded Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and lowered their target price for the company from $15.00 to $12.00 in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $18.50.

Calumet Specialty Products Partners Stock Performance

Shares of CLMT stock traded up $0.28 on Tuesday, reaching $13.73. 800,525 shares of the company's stock traded hands, compared to its average volume of 894,837. Calumet Specialty Products Partners has a 12-month low of $7.68 and a 12-month high of $25.29. The company has a market capitalization of $1.18 billion, a P/E ratio of -4.97 and a beta of 0.89. The business's 50 day moving average price is $11.37 and its two-hundred day moving average price is $16.32.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.41) by ($0.62). The firm had revenue of $993.90 million during the quarter, compared to analyst estimates of $899.62 million. During the same quarter last year, the company earned ($0.51) EPS. The company's quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Calumet Specialty Products Partners will post -3.02 earnings per share for the current year.

Insider Transactions at Calumet Specialty Products Partners

In other news, Director Stephen P. Mawer sold 3,655 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $12.88, for a total transaction of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares in the company, valued at approximately $3,700,514.16. This represents a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Lunin acquired 2,500 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average cost of $13.05 per share, with a total value of $32,625.00. Following the transaction, the chief financial officer now directly owns 2,500 shares in the company, valued at $32,625. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 2.91% of the stock is currently owned by corporate insiders.

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.