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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.75, but opened at $8.78. Calumet Specialty Products Partners shares last traded at $8.79, with a volume of 257,766 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CLMT shares. TD Cowen lowered Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their price target for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. UBS Group raised shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and cut their price target for the company from $15.00 to $12.00 in a research note on Monday, March 17th. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. Finally, Wells Fargo & Company cut their price objective on shares of 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Calumet Specialty Products Partners currently has an average rating of “Hold” and an average price target of $20.80.

Calumet Specialty Products Partners Price Performance

The business’s 50-day moving average is $14.26 and its two-hundred day moving average is $18.29. The firm has a market cap of $844.44 million, a P/E ratio of -3.56 and a beta of 1.42.

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

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Stephen P. Mawer sold 3,655 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $12.88, for a total value of $47,076.40. Following the transaction, the director now directly owns 287,307 shares of the company’s stock, valued at $3,700,514.16. This represents a 1.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO David Lunin bought 2,500 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $13.05 per share, with a total value of $32,625.00. Following the acquisition, the chief financial officer now directly owns 2,500 shares of the company’s stock, valued at approximately $32,625. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 2.91% of the stock is owned by insiders.

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.