Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down - Should You Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $13.46, but opened at $12.60. Calumet Specialty Products Partners shares last traded at $11.99, with a volume of 514,954 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CLMT shares. HC Wainwright reissued a "buy" rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. Wells Fargo & Company reduced their target price on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday. UBS Group cut shares of Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and reduced their target price for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. StockNews.com raised shares of Calumet Specialty Products Partners to a "sell" rating in a research report on Monday, November 18th. Finally, TD Cowen cut shares of Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and reduced their target price for the company from $26.00 to $16.00 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $21.40.

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Calumet Specialty Products Partners Price Performance

The company's 50-day moving average is $17.33 and its two-hundred day moving average is $19.09. The firm has a market cap of $1.03 billion, a P/E ratio of -4.34 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) 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 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 in the prior year, the company earned ($0.59) EPS. The company's revenue for the quarter was down 2.8% compared to the same quarter last year. On average, analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the transaction, the director now owns 1,184,589 shares of the company's stock, valued at approximately $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Lunin bought 2,500 shares of the stock in a transaction on Tuesday, March 4th. The shares were acquired at an average cost of $13.05 per share, with a total value of $32,625.00. Following the purchase, the chief financial officer now 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. Insiders own 2.91% of the company's stock.

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.