Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) Lowered to Hold at Zacks Investment Research

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

According to Zacks, “Calumet Specialty Products Partners, L.P. is a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil into customized lubricating oils, solvents, and waxes used in consumer, industrial, and automotive products. The Company also produces fuel products including gasoline, diesel fuel and jet fuel. Calumet is based in Indianapolis, Indiana and has three plants located in northwest Louisiana. “

CLMT has been the topic of a number of other research reports. ValuEngine downgraded Calumet Specialty Products Partners, L.P from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 1st. BidaskClub upgraded Calumet Specialty Products Partners, L.P from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th.

Shares of NASDAQ CLMT traded down $0.22 during midday trading on Friday, hitting $4.48. 128,587 shares of the company’s stock were exchanged, compared to its average volume of 224,718. The company has a debt-to-equity ratio of 22.97, a quick ratio of 0.82 and a current ratio of 1.33. Calumet Specialty Products Partners, L.P has a twelve month low of $1.99 and a twelve month high of $7.35. The company has a market cap of $343.97 million, a P/E ratio of 14.93 and a beta of 1.78. The firm has a fifty day simple moving average of $4.44.

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) last issued its earnings results on Thursday, August 8th. The oil and gas company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.17. Calumet Specialty Products Partners, L.P had a positive return on equity of 73.33% and a negative net margin of 0.93%. The business had revenue of $896.90 million for the quarter, compared to analyst estimates of $763.05 million. On average, analysts anticipate that Calumet Specialty Products Partners, L.P will post 0.19 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the business. Knott David M grew its stake in shares of Calumet Specialty Products Partners, L.P by 1.3% in the 1st quarter. Knott David M now owns 1,554,031 shares of the oil and gas company’s stock valued at $5,532,000 after purchasing an additional 20,000 shares during the last quarter. Windsor Group LTD grew its stake in shares of Calumet Specialty Products Partners, L.P by 19.5% in the 2nd quarter. Windsor Group LTD now owns 564,840 shares of the oil and gas company’s stock valued at $2,406,000 after purchasing an additional 92,270 shares during the last quarter. Barnett & Company Inc. grew its stake in shares of Calumet Specialty Products Partners, L.P by 28.6% in the 2nd quarter. Barnett & Company Inc. now owns 483,615 shares of the oil and gas company’s stock valued at $2,026,000 after purchasing an additional 107,515 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Calumet Specialty Products Partners, L.P by 61.2% in the 2nd quarter. Wells Fargo & Company MN now owns 234,094 shares of the oil and gas company’s stock valued at $981,000 after purchasing an additional 88,837 shares during the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of Calumet Specialty Products Partners, L.P by 24.6% in the 2nd quarter. GSA Capital Partners LLP now owns 115,611 shares of the oil and gas company’s stock valued at $484,000 after purchasing an additional 22,793 shares during the last quarter. Institutional investors own 14.72% of the company’s stock.

About Calumet Specialty Products Partners, L.P

Calumet Specialty Products Partners, L.P. produces and sells specialty hydrocarbon products in North America and internationally. It operates in two segments, Specialty Products and Fuel Products. The Specialty Products segment offers various lubricating oils, white mineral oils, solvents, petrolatums, waxes, synthetic lubricants, and other products which are used primarily as raw material components for basic automotive, industrial, and consumer goods.

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