HC Wainwright Issues Pessimistic Estimate for CLMT Earnings

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) – Analysts at HC Wainwright lowered their FY2024 earnings estimates for Calumet Specialty Products Partners in a research note issued on Monday, November 11th. HC Wainwright analyst A. Dayal now forecasts that the oil and gas company will post earnings of ($3.02) per share for the year, down from their previous forecast of ($2.05). HC Wainwright has a “Buy” rating and a $25.00 price objective on the stock. The consensus estimate for Calumet Specialty Products Partners’ current full-year earnings is ($2.02) per share. HC Wainwright also issued estimates for Calumet Specialty Products Partners’ Q4 2024 earnings at ($1.13) EPS and FY2025 earnings at $0.28 EPS.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $888.36 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The business’s quarterly revenue was down 4.3% on a year-over-year basis.

Other research analysts have also issued research reports about the company. Wells Fargo & Company upped their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. StockNews.com started coverage on Calumet Specialty Products Partners in a research note on Wednesday, October 23rd. They issued a “sell” rating for the company. The Goldman Sachs Group reduced their price objective on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, TD Cowen decreased their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, Calumet Specialty Products Partners presently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Stock Performance

Shares of Calumet Specialty Products Partners stock opened at $20.49 on Thursday. Calumet Specialty Products Partners has a 52-week low of $9.97 and a 52-week high of $25.29. The company’s 50 day moving average price is $19.50 and its 200-day moving average price is $17.09. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -7.42 and a beta of 1.90.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Founders Financial Alliance LLC lifted its position in Calumet Specialty Products Partners by 8.4% during the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after purchasing an additional 3,750 shares in the last quarter. Creative Planning lifted its position in shares of Calumet Specialty Products Partners by 46.4% during the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares in the last quarter. DRW Securities LLC bought a new position in shares of Calumet Specialty Products Partners during the 2nd quarter valued at approximately $898,000. Wedbush Securities Inc. purchased a new stake in Calumet Specialty Products Partners in the 2nd quarter worth approximately $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its stake in Calumet Specialty Products Partners by 2.9% during the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after acquiring an additional 193,063 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Insider Activity

In related news, Director Jennifer Straumins sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total value of $2,059,000.00. Following the transaction, the director now owns 1,388,529 shares of the company’s stock, valued at approximately $28,589,812.11. This trade represents a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.91% of the company’s stock.

About Calumet Specialty Products Partners

Calumet, Inc 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; Montana/Renewables; and Performance brands segments.