Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up – Still a Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped up before the market opened on Monday . The stock had previously closed at $12.06, but opened at $12.73. Calumet Specialty Products Partners shares last traded at $12.99, with a volume of 92,676 shares.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CLMT. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. Wells Fargo & Company dropped their price objective on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. UBS Group raised shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $12.00 in a report on Monday. Finally, TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $26.00 to $16.00 in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.80.

Calumet Specialty Products Partners Price Performance

The stock has a market capitalization of $1.10 billion, a P/E ratio of -4.66 and a beta of 1.88. The business’s 50 day simple moving average is $15.88 and its 200-day simple moving average is $18.72.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.59. The business had revenue of $949.50 million during the quarter, compared to the consensus estimate of $921.76 million. During the same period in the previous year, the business posted ($0.59) earnings per share. Calumet Specialty Products Partners’s revenue was down 2.8% compared to the same quarter last year. Research 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, CFO David Lunin acquired 2,500 shares of Calumet Specialty Products Partners stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $13.05 per share, with a total value of $32,625.00. Following the completion of the purchase, the chief financial officer now owns 2,500 shares in the company, valued at $32,625. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.91% of the company’s stock.

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.