Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up After Analyst Upgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $25.00 to $33.00. The stock had previously closed at $21.75, but opened at $22.65. HC Wainwright currently has a buy rating on the stock. Calumet Specialty Products Partners shares last traded at $22.68, with a volume of 402,334 shares changing hands.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company increased their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. TD Cowen cut their price objective on shares of 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. Finally, StockNews.com upgraded Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Calumet Specialty Products Partners presently has an average rating of “Moderate Buy” and an average price target of $25.75.

Insider Activity at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value 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. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.91% of the company’s stock.

Institutional Trading of Calumet Specialty Products Partners

Hedge funds have recently made changes to their positions in the stock. Founders Financial Alliance LLC grew its stake in Calumet Specialty Products Partners by 8.4% during the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after buying an additional 3,750 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Calumet Specialty Products Partners in the 2nd quarter worth about $898,000. Finally, Creative Planning lifted its position in 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 during the last quarter. Institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Stock Performance

The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -6.87 and a beta of 1.90. The business’s 50 day simple moving average is $21.42 and its 200-day simple moving average is $18.75.

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 analysts’ consensus estimates of ($0.59) by ($0.59). The firm 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 quarter last year, the business earned $0.03 earnings per share. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -2.87 EPS for the current year.

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.