Better Buy: Calumet Specialty Products Partners LP vs. Ashland Global Holdings

At the start of 2016, specialty chemical manufacturer Calumet Specialty Products Partners LP (NASDAQ: CLMT) was a toxic stock. It had a balance sheet overloaded with debt, sky-high expenses, and as an MLP seemed to lack the financial flexibility needed to turn itself around. On the other hand, Ashland Global Holdings (NYSE: ASH) owned a profitable and diversified business that presented investors with promising upside.

It's now a little over 18 months later, and a lot has changed. Ashland still owns profitable operations, although margins have soured since completing the spinoff of Valvoline (NYSE: VVV) in May. Meanwhile, Calumet Specialty Products Partners has soared thanks to solid execution against a turnaround strategy that many thought would be very difficult to pull off.

How do these changes affect the medium- and long-term prospects of each company, and which stock is the better buy?

Source: Fool.com