Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up - Time to Buy?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $21.75, but opened at $22.65. Calumet Specialty Products Partners shares last traded at $22.68, with a volume of 402,334 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. TD Cowen dropped their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, November 11th. StockNews.com upgraded Calumet Specialty Products Partners to a "sell" rating in a research note on Monday, November 18th. HC Wainwright increased their price objective on shares of Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Wells Fargo & Company raised 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 report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to MarketBeat, Calumet Specialty Products Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Calumet Specialty Products Partners Price Performance

The business has a 50-day simple moving average of $21.40 and a 200 day simple moving average of $18.71. The firm has a market cap of $1.89 billion, a PE ratio of -7.97 and a beta of 1.90.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its earnings results on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $888.36 million. The company's revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. On average, equities analysts forecast that Calumet Specialty Products Partners, L.P. will post -2.87 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several institutional investors have recently bought and sold shares of the stock. DRW Securities LLC bought a new position in shares of Calumet Specialty Products Partners during the 2nd quarter valued at about $898,000. Creative Planning boosted its stake in Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company's stock valued at $1,002,000 after buying an additional 19,800 shares during the last quarter. Wedbush Securities Inc. purchased a new position in Calumet Specialty Products Partners during the 2nd quarter valued at approximately $169,000. Finally, Founders Financial Alliance LLC increased its stake in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company's stock worth $777,000 after acquiring an additional 3,750 shares during the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

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.