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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) 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 changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CLMT shares. TD Cowen cut their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company raised their price objective on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. UBS Group downgraded Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $20.50 to $15.00 in a research note on Tuesday. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Finally, HC Wainwright raised their price objective on Calumet Specialty Products Partners from $25.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $23.60.

Calumet Specialty Products Partners Price Performance

The company has a market cap of $1.44 billion, a PE ratio of -6.09 and a beta of 1.88. The company has a 50-day moving average price of $20.08 and a two-hundred day moving average price of $18.87.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. On average, equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the stock in a transaction on Wednesday, December 18th. The shares were 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 $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Creative Planning boosted its holdings in shares of 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 period. Creative Planning owned about 0.08% of Calumet Specialty Products Partners worth $1,002,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 34.41% of the company’s stock.

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.