Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

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 several other research reports. Wells Fargo & Company lifted their price target on shares of Calumet Specialty Products Partners, L.P. from $7.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, September 29th. They noted that the move was a valuation call. BidaskClub upgraded shares of Calumet Specialty Products Partners, L.P. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. ValuEngine upgraded shares of Calumet Specialty Products Partners, L.P. from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. Janney Montgomery Scott upgraded shares of Calumet Specialty Products Partners, L.P. from a “neutral” rating to a “buy” rating and boosted their target price for the company from $6.00 to $8.50 in a report on Monday, August 14th. Finally, Cowen and Company restated a “hold” rating and set a $5.00 target price on shares of Calumet Specialty Products Partners, L.P. in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Calumet Specialty Products Partners, L.P. has an average rating of “Hold” and an average price target of $6.00.

Calumet Specialty Products Partners, L.P. (CLMT) opened at 8.65 on Wednesday. Calumet Specialty Products Partners, L.P. has a 52-week low of $8.45 and a 52-week high of $8.85.

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) last released its quarterly earnings results on Friday, August 4th. The oil and gas company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.58. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $841.00 million. Calumet Specialty Products Partners, L.P. had a negative net margin of 2.81% and a negative return on equity of 48.17%. On average, equities analysts predict that Calumet Specialty Products Partners, L.P. will post $0.08 earnings per share for the current year.

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In related news, CFO David West Griffin purchased 8,100 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was purchased at an average price of $5.19 per share, with a total value of $42,039.00. Following the transaction, the chief financial officer now directly owns 49,252 shares in the company, valued at $255,617.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders bought 40,405 shares of company stock valued at $198,904. 4.75% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Investment Centers of America Inc. raised its position in shares of Calumet Specialty Products Partners, L.P. by 1.2% in the 2nd quarter. Investment Centers of America Inc. now owns 23,984 shares of the oil and gas company’s stock worth $103,000 after purchasing an additional 292 shares during the last quarter. Westwood Holdings Group Inc. purchased a new position in Calumet Specialty Products Partners, L.P. in the 2nd quarter worth about $110,000. Fifth Third Bancorp raised its position in Calumet Specialty Products Partners, L.P. by 5.0% in the 1st quarter. Fifth Third Bancorp now owns 31,800 shares of the oil and gas company’s stock worth $121,000 after buying an additional 1,500 shares during the last quarter. JPMorgan Chase & Co. raised its position in Calumet Specialty Products Partners, L.P. by 350.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 36,000 shares of the oil and gas company’s stock worth $154,000 after buying an additional 28,000 shares during the last quarter. Finally, Virtu KCG Holdings LLC raised its position in Calumet Specialty Products Partners, L.P. by 6.6% in the 2nd quarter. Virtu KCG Holdings LLC now owns 47,580 shares of the oil and gas company’s stock worth $202,000 after buying an additional 2,931 shares during the last quarter. 9.70% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners, L.P. Company Profile

Calumet Specialty Products Partners, L.P. is a producer of specialty hydrocarbon products in North America. The Company operates through three segments: specialty products, fuel products and oilfield services. In its specialty products segment, the Company processes crude oil and other feedstocks into a range of customized lubricating oils, white mineral oils, solvents, petrolatums and waxes.

Analyst Recommendations for Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)

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