rather than ride it down further you should consider selling before they have to reduce the dividend which is what the price of the equity is indicating. I think this could fall 10-20% if/when the dividend is cut.
A large percentage of their stores are in California and California is going to raise the minimum wage to $15 an hour over the next 5 years. Labor costs are going to go up every year and Amazon keeps cutting into retailers by offering more and more goods. I just think retail is a bad sector.
Company just issued debt at 12% interest rate. There is $2 billion is total debt and $300 in market cap. The issuer of the last debt was able that kind of interest rate in a zero interest environment because the financials are #$%$. I am in a partnership investment that just acquired an apartment in Austin, Texas and we got a 4.5% interest rate for 10 years. Calumet is toast and lenders will not allow a distribution or dividend to be paid again.
I think the oil price will hit $60 but that is a guess as Europe could fall apart as an economic unit and this would create a recession around the world which impacts oil prices. Of course the Middle East is not very stable as that part of the world has been fighting wars for the last 15 years and the oil and gas infrastructure can be damaged further in that part of the world.
Market cap is at $330 million and debt exceeding $2 billion, Wall Street brokerages and investors are anti heavy debt load in a market that is overpriced. That is why there is no investor demand for these shares.