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

Calumet Specialty Products Partners (NASDAQ:CLMT) announced 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 company had revenue of $993.90 million during the quarter, compared to analysts’ expectations of $899.62 million. During the same quarter last year, the business posted ($0.51) EPS. Calumet Specialty Products Partners’s revenue was down 1.2% compared to the same quarter last year.

Calumet Specialty Products Partners Stock Performance

NASDAQ:CLMT opened at $12.32 on Friday. The firm’s fifty day moving average is $11.19 and its two-hundred day moving average is $16.57. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -4.46 and a beta of 0.89. Calumet Specialty Products Partners has a one year low of $7.68 and a one year high of $25.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CLMT shares. The Goldman Sachs Group dropped their price target 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. TD Cowen downgraded shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their target price for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. UBS Group raised shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $12.00 in a report on Monday, March 17th. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Finally, Wells Fargo & Company reduced their target price on Calumet Specialty Products Partners from $28.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Calumet Specialty Products Partners has an average rating of “Hold” and an average price target of $19.60.

Insider Activity

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

Calumet Specialty Products Partners Company Profile

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.