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

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped down before the market opened 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 changing hands.

Analyst Ratings Changes

Several research firms recently commented on CLMT. UBS Group upgraded Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $12.00 in a report on Monday, March 17th. Wells Fargo & Company cut their price objective on Calumet Specialty Products Partners from $28.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, March 3rd. Finally, TD Cowen lowered Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and reduced their target price for the stock from $26.00 to $16.00 in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Calumet Specialty Products Partners has an average rating of “Hold” and a consensus target price of $19.80.

Calumet Specialty Products Partners Price Performance

The company has a market cap of $868.49 million, a price-to-earnings ratio of -3.66 and a beta of 1.42. The stock has a 50 day simple moving average of $13.86 and a two-hundred day simple moving average of $18.11.

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 analysts’ consensus estimates of ($1.06) by $0.59. The company had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $921.76 million. The firm’s revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.59) EPS. As a group, research analysts forecast 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, CFO David Lunin acquired 2,500 shares of the stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average price of $13.05 per share, with a total value of $32,625.00. Following the completion of the transaction, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen P. Mawer sold 3,655 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $12.88, for a total value of $47,076.40. Following the sale, the director now owns 287,307 shares of the company’s stock, valued at $3,700,514.16. The trade was a 1.26 % decrease in their position. The disclosure for this sale can be found here. 2.91% of the stock is currently owned by corporate 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.