Zacks Investment Research upgraded shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) from a hold rating to a buy rating in a research report released on Friday. The brokerage currently has $7.00 target price 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. “

Several other research firms have also recently commented on CLMT. Janney Montgomery Scott upgraded Calumet Specialty Products Partners, L.P. from a neutral rating to a buy rating and raised their target price for the company from $6.00 to $8.50 in a research report on Monday, August 14th. Wells Fargo & Company upgraded Calumet Specialty Products Partners, L.P. from a market perform rating to an outperform rating and set a $6.00 target price on the stock in a research report on Wednesday, May 10th. Cowen and Company restated a hold rating and issued a $5.00 target price on shares of Calumet Specialty Products Partners, L.P. in a research report on Friday, July 14th. Finally, BidaskClub cut Calumet Specialty Products Partners, L.P. from a hold rating to a sell rating in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. Calumet Specialty Products Partners, L.P. has a consensus rating of Hold and an average target price of $5.36.

Calumet Specialty Products Partners, L.P. (CLMT) opened at 6.55 on Friday. Calumet Specialty Products Partners, L.P. has a one year low of $6.05 and a one year high of $6.65.

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) last posted its earnings results on Friday, August 4th. The oil and gas company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.46) by $0.58. Calumet Specialty Products Partners, L.P. had a negative return on equity of 48.17% and a negative net margin of 2.81%. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $841 million. On average, equities research analysts predict that Calumet Specialty Products Partners, L.P. will post ($0.15) EPS for the current fiscal year.

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In other news, Director James S. Carter purchased 13,600 shares of the stock in a transaction dated Friday, May 26th. The shares were bought at an average cost of $3.70 per share, for a total transaction of $50,320.00. Following the transaction, the director now owns 93,441 shares in the company, valued at $345,731.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David West Griffin purchased 9,000 shares of the stock in a transaction dated Friday, July 7th. The shares were purchased at an average price of $4.15 per share, for a total transaction of $37,350.00. Following the completion of the transaction, the chief financial officer now owns 19,600 shares in the company, valued at approximately $81,340. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 91,605 shares of company stock worth $405,204. 4.75% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Sound Point Capital Management LP boosted its position in shares of Calumet Specialty Products Partners, L.P. by 6.8% in the second quarter. Sound Point Capital Management LP now owns 799,651 shares of the oil and gas company’s stock valued at $3,399,000 after buying an additional 51,118 shares during the period. Adams Asset Advisors LLC boosted its position in shares of Calumet Specialty Products Partners, L.P. by 11.9% in the second quarter. Adams Asset Advisors LLC now owns 705,332 shares of the oil and gas company’s stock valued at $2,998,000 after buying an additional 74,732 shares during the period. Morgan Stanley boosted its position in shares of Calumet Specialty Products Partners, L.P. by 13.5% in the first quarter. Morgan Stanley now owns 704,438 shares of the oil and gas company’s stock valued at $2,677,000 after buying an additional 83,995 shares during the period. Royal Bank of Canada boosted its position in shares of Calumet Specialty Products Partners, L.P. by 9.2% in the second quarter. Royal Bank of Canada now owns 484,494 shares of the oil and gas company’s stock valued at $2,059,000 after buying an additional 40,676 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Calumet Specialty Products Partners, L.P. by 3.8% in the second quarter. Wells Fargo & Company MN now owns 479,323 shares of the oil and gas company’s stock valued at $2,037,000 after buying an additional 17,573 shares during the period. Institutional investors own 11.30% of the company’s stock.

About Calumet Specialty Products Partners, L.P.

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.

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