Calumet Specialty Products Partners, L.P (CLMT) Upgraded by Zacks Investment Research to “Strong-Buy”

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Zacks Investment Research upgraded shares of Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday, Zacks.com reports. The firm currently has $4.50 price target on the oil and gas company’s stock.

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. “

A number of other research analysts also recently commented on CLMT. BidaskClub downgraded shares of Calumet Specialty Products Partners, L.P from a sell rating to a strong sell rating in a research note on Tuesday, April 30th. ValuEngine downgraded shares of Calumet Specialty Products Partners, L.P from a sell rating to a strong sell rating in a research note on Wednesday, May 1st.

NASDAQ:CLMT traded down $0.06 on Wednesday, reaching $4.17. The stock had a trading volume of 21,006 shares, compared to its average volume of 248,904. The firm has a market cap of $333.12 million, a price-to-earnings ratio of 13.67 and a beta of 2.32. The company has a current ratio of 1.33, a quick ratio of 0.93 and a debt-to-equity ratio of 22.97. Calumet Specialty Products Partners, L.P has a 12-month low of $1.99 and a 12-month high of $8.75.

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) last released its earnings results on Friday, May 10th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.35) by $0.30. Calumet Specialty Products Partners, L.P had a negative net margin of 0.93% and a positive return on equity of 73.33%. The company had revenue of $851.30 million for the quarter, compared to analyst estimates of $658.18 million. On average, equities research analysts forecast that Calumet Specialty Products Partners, L.P will post -0.34 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of CLMT. Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners, L.P during the 4th quarter valued at about $77,000. Wiley BROS. Aintree Capital LLC acquired a new position in shares of Calumet Specialty Products Partners, L.P during the 4th quarter valued at about $56,000. Knott David M increased its stake in shares of Calumet Specialty Products Partners, L.P by 5.2% during the 4th quarter. Knott David M now owns 1,534,031 shares of the oil and gas company’s stock valued at $3,390,000 after acquiring an additional 76,300 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Calumet Specialty Products Partners, L.P during the 4th quarter valued at about $34,000. Finally, SCW Capital Management LP acquired a new position in shares of Calumet Specialty Products Partners, L.P during the 4th quarter valued at about $2,829,000. 15.65% of the stock is owned by institutional investors.

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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