Calumet Specialty Products Partners (NASDAQ:CLMT) Announces Earnings Results, Misses Expectations By $0.62 EPS

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) released its earnings results on Friday. The oil and gas company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.62), Zacks reports. The business had revenue of $993.90 million for the quarter, compared to the consensus estimate of $899.62 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. The company's revenue was down 1.2% compared to the same quarter last year.

Calumet Specialty Products Partners Trading Up 3.8 %

NASDAQ:CLMT traded up $0.45 during trading hours on Friday, hitting $12.32. 1,493,535 shares of the stock were exchanged, compared to its average volume of 867,341. The company has a market cap of $1.06 billion, a P/E ratio of -4.46 and a beta of 0.89. The firm's fifty day moving average price is $11.19 and its 200 day moving average price is $16.61. Calumet Specialty Products Partners has a 52-week low of $7.68 and a 52-week high of $25.29.

Insider Transactions at Calumet Specialty Products Partners

In related news, Director Stephen P. Mawer sold 3,655 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $9.29, for a total value of $33,954.95. Following the completion of the sale, the director now owns 283,652 shares of the company's stock, valued at approximately $2,635,127.08. This trade represents a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Lunin acquired 2,500 shares of the stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the purchase, the chief financial officer now directly owns 2,500 shares of the company's stock, valued at $32,625. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.91% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on CLMT shares. Wells Fargo & Company dropped their price target 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. UBS Group raised shares of Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and dropped their price objective for the stock from $15.00 to $12.00 in a research note on Monday, March 17th. HC Wainwright reissued a "buy" rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. The Goldman Sachs Group cut their price objective on shares of Calumet Specialty Products Partners from $16.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, TD Cowen lowered shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and lowered their target price for the stock from $26.00 to $16.00 in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $19.60.

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.

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