Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CLMT. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $12.00 in a report on Monday. Wells Fargo & Company dropped their price target on Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. TD Cowen downgraded Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $16.00 in a research note on Tuesday, March 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a report on Monday, March 3rd. One investment 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’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.80.

Calumet Specialty Products Partners Price Performance

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -4.74 and a beta of 1.88. The firm has a fifty day simple moving average of $16.23 and a 200 day simple moving average of $18.79.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.59. The business had revenue of $949.50 million for the quarter, compared to analyst estimates of $921.76 million. During the same period in the prior year, the firm posted ($0.59) EPS. Calumet Specialty Products Partners’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of the 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 sale, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. This represents a 3.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Lunin purchased 2,500 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average price of $13.05 per share, for a total transaction of $32,625.00. Following the transaction, the chief financial officer now owns 2,500 shares in the company, valued at $32,625. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.91% of the stock is owned by company insiders.

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.