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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) shares 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

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

Calumet Specialty Products Partners Trading Up 8.3 %

The company has a market capitalization of $851.31 million, a PE ratio of -3.59 and a beta of 1.42. The stock's 50-day moving average is $13.25 and its two-hundred day moving average is $17.89.

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Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings results on Friday, February 28th. The oil and gas company reported ($0.47) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.59. The firm had revenue of $949.50 million for the quarter, compared to analysts' expectations of $921.76 million. During the same quarter in the prior year, the business posted ($0.59) EPS. The business's quarterly revenue was down 2.8% on a year-over-year basis. On average, equities research analysts forecast that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Transactions at Calumet Specialty Products Partners

In other Calumet Specialty Products Partners news, CFO David Lunin bought 2,500 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average price of $13.05 per share, with a total value of $32,625.00. Following the completion of the acquisition, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen P. Mawer sold 3,655 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $12.88, for a total value of $47,076.40. Following the completion of the transaction, the director now directly owns 287,307 shares of the company's stock, valued at $3,700,514.16. The trade was a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.