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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $15.88, but opened at $19.00. Calumet Specialty Products Partners shares last traded at $17.93, with a volume of 1,063,664 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on CLMT shares. Wells Fargo & Company lifted their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. StockNews.com upgraded shares of Calumet Specialty Products Partners to a "sell" rating in a report on Monday, November 18th. TD Cowen decreased their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, November 11th. HC Wainwright restated a "buy" rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a report on Wednesday. Finally, UBS Group lowered Calumet Specialty Products Partners from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $20.50 to $15.00 in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $23.60.

Calumet Specialty Products Partners Stock Performance

The company has a market cap of $1.42 billion, a price-to-earnings ratio of -6.00 and a beta of 1.88. The company's fifty day moving average is $19.27 and its two-hundred day moving average is $19.05.

Insider Activity

In related news, Director Jennifer Straumins sold 37,861 shares of the firm'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 sale, the director now directly owns 1,184,589 shares of the company's stock, valued at approximately $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company 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.