StockNews.com Initiates Coverage on Calumet Specialty Products Partners (NASDAQ:CLMT)

Equities researchers at StockNews.com started coverage on shares of Calumet Specialty Products Partners (NASDAQ:CLMT) in a note issued to investors on Monday. The firm set a “hold” rating on the oil and gas company’s stock.

Separately, The Goldman Sachs Group reduced their price objective on Calumet Specialty Products Partners from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, March 21st.

Calumet Specialty Products Partners Trading Up 5.4 %

Shares of CLMT opened at $16.20 on Monday. The firm has a market cap of $1.30 billion, a PE ratio of 20.51 and a beta of 1.76. The firm has a fifty day simple moving average of $15.38 and a two-hundred day simple moving average of $15.94. Calumet Specialty Products Partners has a 1-year low of $11.91 and a 1-year high of $19.91.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results on Friday, February 23rd. The oil and gas company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.40). The business had revenue of $976.50 million for the quarter, compared to analyst estimates of $856.71 million. The company’s revenue was down 2.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) EPS. As a group, research analysts forecast that Calumet Specialty Products Partners will post -0.52 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. grew its position in Calumet Specialty Products Partners by 2.9% in the third quarter. Atria Wealth Solutions Inc. now owns 36,000 shares of the oil and gas company’s stock worth $688,000 after acquiring an additional 1,000 shares in the last quarter. Sheets Smith Wealth Management grew its position in Calumet Specialty Products Partners by 11.2% in the fourth quarter. Sheets Smith Wealth Management now owns 12,202 shares of the oil and gas company’s stock worth $218,000 after acquiring an additional 1,225 shares in the last quarter. O Brien Greene & Co. Inc grew its position in Calumet Specialty Products Partners by 4.2% in the fourth quarter. O Brien Greene & Co. Inc now owns 50,000 shares of the oil and gas company’s stock worth $894,000 after acquiring an additional 2,000 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in Calumet Specialty Products Partners by 23.4% in the fourth quarter. J.W. Cole Advisors Inc. now owns 19,750 shares of the oil and gas company’s stock worth $353,000 after acquiring an additional 3,750 shares in the last quarter. Finally, Brown Advisory Inc. boosted its position in shares of Calumet Specialty Products Partners by 6.2% during the fourth quarter. Brown Advisory Inc. now owns 85,613 shares of the oil and gas company’s stock valued at $1,530,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet Specialty Products Partners, L.P. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Performance brands; Montana/Renewables; and Corporate segments.