Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up – Still a Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price 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

CLMT has been the topic of a number of research analyst reports. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. Wells Fargo & Company reduced 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 report on Wednesday, March 5th. UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $12.00 in a research note on Monday. TD Cowen cut Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and cut their target price for the stock from $26.00 to $16.00 in a research report on Tuesday, March 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Calumet Specialty Products Partners has a consensus rating of “Hold” and a consensus price target of $20.80.

Calumet Specialty Products Partners Stock Up 9.0 %

The business’s fifty day moving average is $16.23 and its 200 day moving average is $18.79. The stock has a market cap of $1.13 billion, a PE ratio of -4.74 and a beta of 1.88.

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

Insider Activity

In other news, CFO David Lunin bought 2,500 shares of Calumet Specialty Products Partners stock in a transaction on Tuesday, March 4th. The shares were bought at an average price 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 in the company, valued at approximately $32,625. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $810,982.62. Following the sale, the director now owns 1,184,589 shares in the company, valued at $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.91% 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.