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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price gapped up before the market opened 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.

Several other research analysts have also issued reports on CLMT. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Wells Fargo & Company upped their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, TD Cowen dropped their target price 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 analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Insider Activity at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the transaction, the director now owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. The trade was a 3.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.91% of the stock is owned by insiders.

Institutional Trading of Calumet Specialty Products Partners

Several institutional investors have recently made changes to their positions in the stock. Founders Financial Alliance LLC lifted its position in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after buying an additional 3,750 shares in the last quarter. Creative Planning boosted its position in Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after purchasing an additional 19,800 shares during the last quarter. Finally, DRW Securities LLC purchased a new position in Calumet Specialty Products Partners in the second quarter valued at about $898,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

Calumet Specialty Products Partners Stock Performance

The company has a market capitalization of $1.63 billion, a PE ratio of -6.87 and a beta of 1.90. The stock has a 50 day moving average price of $21.42 and a two-hundred day moving average price of $18.75.

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

Calumet Specialty Products Partners Company Profile

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.