Wells Fargo & Company Has Lowered Expectations for Calumet Specialty Products Partners (NASDAQ:CLMT) Stock Price

Calumet Specialty Products Partners (NASDAQ:CLMT - Free Report) had its price objective lowered by Wells Fargo & Company from $28.00 to $23.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company's stock.

Several other research analysts also recently weighed in on the stock. TD Cowen downgraded shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and reduced their price target for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. UBS Group raised Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and reduced their target price for the company from $15.00 to $12.00 in a report on Monday, March 17th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $33.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.80.

Calumet Specialty Products Partners Price Performance

NASDAQ CLMT traded down $0.61 during trading hours on Wednesday, reaching $9.31. The company's stock had a trading volume of 825,694 shares, compared to its average volume of 802,227. Calumet Specialty Products Partners has a 1-year low of $7.68 and a 1-year high of $25.29. The company's 50-day moving average is $13.25 and its two-hundred day moving average is $17.90. The firm has a market capitalization of $799.77 million, a price-to-earnings ratio of -3.37 and a beta of 1.42.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.06) by $0.59. The company had revenue of $949.50 million during the quarter, compared to analyst estimates of $921.76 million. Calumet Specialty Products Partners's revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.59) EPS. Equities analysts forecast that Calumet Specialty Products Partners will post -3.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Stephen P. Mawer sold 3,655 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $12.88, for a total value of $47,076.40. Following the completion of the sale, the director now owns 287,307 shares of the company's stock, valued at approximately $3,700,514.16. This represents a 1.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO David Lunin purchased 2,500 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average cost of $13.05 per share, with a total value of $32,625.00. Following the purchase, the chief financial officer now owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.91% of the company's stock.

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.