Zacks Investment Research Upgrades Calumet Specialty Products Partners (NASDAQ:CLMT) to Hold

Zacks Investment Research upgraded shares of Calumet Specialty Products Partners (NASDAQ:CLMT) from a sell rating to a hold rating in a research report sent to investors on Tuesday, 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. “

Shares of NASDAQ:CLMT opened at $7.58 on Tuesday. The stock’s fifty day simple moving average is $6.78 and its two-hundred day simple moving average is $6.37. Calumet Specialty Products Partners has a 1-year low of $2.51 and a 1-year high of $8.00. The stock has a market cap of $596.36 million, a PE ratio of -1.68 and a beta of 2.77.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Thursday, August 5th. The oil and gas company reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.39). The company had revenue of $807.00 million during the quarter, compared to the consensus estimate of $757.20 million. Equities research analysts forecast that Calumet Specialty Products Partners will post -3.18 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Advisor Resource Council purchased a new stake in Calumet Specialty Products Partners in the second quarter worth $83,000. Axiom Investment Management LLC bought a new position in Calumet Specialty Products Partners in the first quarter valued at about $89,000. Ameritas Investment Company LLC bought a new position in Calumet Specialty Products Partners in the second quarter valued at about $103,000. Arrowstreet Capital Limited Partnership bought a new position in Calumet Specialty Products Partners in the first quarter valued at about $143,000. Finally, SG3 Management LLC purchased a new stake in Calumet Specialty Products Partners in the second quarter worth about $161,000. 22.83% of the stock is currently owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

Calumet Specialty Products Partners LP engages in the production of specialty hydrocarbon products. It operates through the following segments: Specialty Products, Fuel Products and Corporate. The Specialty Products segment produces lubricating oils, solvents, waxes, synthetic lubricants and other products.

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