Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up After Analyst Upgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $25.00 to $33.00. The stock had previously closed at $21.75, but opened at $22.65. HC Wainwright currently has a buy rating on the stock. Calumet Specialty Products Partners shares last traded at $22.68, with a volume of 402,334 shares changing hands.

Other equities research analysts have also issued reports about the stock. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Wells Fargo & Company lifted their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, TD Cowen dropped their price target on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.75.

Insider Buying and Selling at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the transaction, the director now directly owns 1,388,529 shares of the company’s stock, valued at approximately $28,589,812.11. The trade was a 6.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Hedge funds have recently added to or reduced their stakes in the business. Founders Financial Alliance LLC raised its position in shares of Calumet Specialty Products Partners by 8.4% in the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after purchasing an additional 3,750 shares during the period. DRW Securities LLC bought a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter worth about $898,000. Finally, Creative Planning grew its stake in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares during the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Specialty Products Partners Stock Performance

The company’s fifty day simple moving average is $21.42 and its two-hundred day simple moving average is $18.75. The stock has a market capitalization of $1.63 billion, a P/E ratio of -6.87 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 EPS. On average, research analysts predict that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current fiscal year.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.