Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up – What’s Next?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped up before the market opened on Monday . The stock had previously closed at $21.75, but opened at $22.65. Calumet Specialty Products Partners shares last traded at $22.68, with a volume of 402,334 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday, November 11th. Wells Fargo & Company boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Monday, October 21st. StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, TD Cowen dropped their price objective on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.75.

Calumet Specialty Products Partners Trading Up 0.6 %

The stock has a market capitalization of $1.88 billion, a P/E ratio of -7.93 and a beta of 1.90. The company’s fifty day simple moving average is $21.40 and its 200 day simple moving average is $18.71.

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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. During the same period last year, the firm posted $0.03 EPS. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. Equities research analysts predict that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jennifer Straumins sold 37,861 shares of the firm’s 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 directly owns 1,184,589 shares of the company’s stock, valued at approximately $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Creative Planning boosted its stake in shares of 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 purchasing an additional 19,800 shares in the last quarter. DRW Securities LLC bought a new stake in Calumet Specialty Products Partners in the second quarter worth $898,000. Founders Financial Alliance LLC boosted its position in Calumet Specialty Products Partners by 8.4% during 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 buying an additional 3,750 shares during the period. Finally, Wedbush Securities Inc. bought a new position in shares of Calumet Specialty Products Partners during the second quarter valued at about $169,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.