Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down – Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $18.34, but opened at $16.70. Calumet Specialty Products Partners shares last traded at $16.95, with a volume of 345,591 shares traded.

Wall Street Analyst Weigh In

CLMT has been the topic of a number of recent analyst reports. UBS Group cut Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $20.50 to $15.00 in a report on Tuesday. Wells Fargo & Company lifted their price objective on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, October 21st. HC Wainwright increased their target price on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Finally, TD Cowen lowered their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Calumet Specialty Products Partners currently has an average rating of “Hold” and an average target price of $23.60.

Calumet Specialty Products Partners Trading Down 3.4 %

The company has a market capitalization of $1.52 billion, a P/E ratio of -6.41 and a beta of 1.88. The firm’s 50 day moving average price is $20.30 and its two-hundred day moving average price is $18.87.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly 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 analysts’ expectations of $888.36 million. Calumet Specialty Products Partners’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Creative Planning increased its stake in shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 62,459 shares of the oil and gas company’s stock after buying an additional 19,800 shares during the period. Creative Planning owned 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent filing with the SEC. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.