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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

CLMT has been the subject of several research reports. HC Wainwright increased their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, January 13th. TD Cowen reduced their price objective on 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. Wells Fargo & Company raised their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. 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 research report on Tuesday. Finally, StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Two investment analysts have rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, Calumet Specialty Products Partners has a consensus rating of “Hold” and a consensus price target of $23.60.

Calumet Specialty Products Partners Stock 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 stock has a fifty day simple moving average of $20.30 and a 200-day simple moving average of $18.87.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. Analysts predict 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 related 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 value of $810,982.62. Following the completion of the sale, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.91% of the company’s stock.

Institutional Trading of Calumet Specialty Products Partners

An institutional investor recently raised its position in Calumet Specialty Products Partners stock. Creative Planning increased its position in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 46.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,459 shares of the oil and gas company’s stock after purchasing an additional 19,800 shares during the quarter. Creative Planning owned approximately 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent SEC filing. 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.