Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down - Here's Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CLMT shares. TD Cowen cut their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating for the company in a report on Monday, November 11th. StockNews.com upgraded shares of Calumet Specialty Products Partners to a "sell" rating in a report on Monday, November 18th. HC Wainwright lifted their price target on shares of Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Wells Fargo & Company boosted their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an "overweight" rating in a report on Monday, October 21st. Finally, UBS Group lowered shares of Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $20.50 to $15.00 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $23.60.

Calumet Specialty Products Partners Stock Performance

The firm has a fifty day moving average of $19.96 and a 200-day moving average of $18.86. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -5.87 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last announced its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.59). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates 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 in the prior year, the firm posted $0.03 EPS. On average, analysts predict that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current year.

Insider Activity

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total value of $2,059,000.00. Following the transaction, the director now directly owns 1,388,529 shares of the company's stock, valued at $28,589,812.11. This represents a 6.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.91% of the company's stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

An institutional investor recently raised its position in Calumet Specialty Products Partners stock. Creative Planning increased its position in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Free Report) by 46.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor 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 0.08% of Calumet Specialty Products Partners worth $1,002,000 at the end of the most recent reporting period. 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.