Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) Lifted to “Strong-Buy” at Zacks Investment Research

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 report issued on Tuesday, Zacks.com reports. Zacks Investment Research currently has $4.00 price objective 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. “

CLMT has been the topic of a number of other reports. ValuEngine raised shares of Calumet Specialty Products Partners, L.P from a strong sell rating to a sell rating in a research report on Wednesday, October 2nd. BidaskClub lowered shares of Calumet Specialty Products Partners, L.P from a sell rating to a strong sell rating in a research report on Saturday, October 5th.

NASDAQ:CLMT opened at $3.56 on Tuesday. Calumet Specialty Products Partners, L.P has a 52 week low of $1.99 and a 52 week high of $6.03. The firm has a market cap of $271.44 million, a price-to-earnings ratio of 5.56 and a beta of 1.82. The firm’s 50-day simple moving average is $3.92 and its 200 day simple moving average is $4.08. The company has a debt-to-equity ratio of 28.38, a quick ratio of 0.75 and a current ratio of 1.23.

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) last released its quarterly earnings results on Thursday, August 8th. The oil and gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.17. Calumet Specialty Products Partners, L.P had a net margin of 0.05% and a return on equity of 90.99%. The business had revenue of $896.90 million for the quarter, compared to analyst estimates of $763.05 million. Sell-side analysts anticipate that Calumet Specialty Products Partners, L.P will post 0.13 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in CLMT. Bank of Montreal Can bought a new position in Calumet Specialty Products Partners, L.P during the second quarter worth about $32,000. Acadian Asset Management LLC bought a new position in Calumet Specialty Products Partners, L.P during the second quarter worth about $61,000. Meristem Family Wealth LLC bought a new position in Calumet Specialty Products Partners, L.P during the second quarter worth about $92,000. Fiera Capital Corp increased its holdings in Calumet Specialty Products Partners, L.P by 19.9% in the 2nd quarter. Fiera Capital Corp now owns 26,262 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 4,363 shares during the period. Finally, Invesco Ltd. bought a new position in Calumet Specialty Products Partners, L.P in the 2nd quarter valued at about $270,000. 14.08% of the stock is currently owned by institutional investors and hedge funds.

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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