Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up on Analyst Upgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price gapped up prior to trading on Thursday after TD Cowen raised their price target on the stock from $22.00 to $27.00. The stock had previously closed at $21.93, but opened at $25.07. TD Cowen currently has a buy rating on the stock. Calumet Specialty Products Partners shares last traded at $23.90, with a volume of 647,408 shares.

Several other analysts have also commented on CLMT. The Goldman Sachs Group decreased their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating for the company in a report on Monday, August 5th. StockNews.com assumed coverage on Calumet Specialty Products Partners in a research note on Tuesday. They issued a "hold" rating for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, October 7th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.33.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CLMT. Founders Financial Alliance LLC increased its holdings 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 buying an additional 3,750 shares during the period. Creative Planning increased its stake in shares of Calumet Specialty Products Partners by 46.4% in the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company's stock worth $1,002,000 after acquiring an additional 19,800 shares during the period. DRW Securities LLC purchased a new position in shares of Calumet Specialty Products Partners during the second quarter worth $898,000. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners during the second quarter valued at $169,000. Finally, Wasserstein Debt Opportunities Management L.P. boosted its holdings in Calumet Specialty Products Partners by 2.9% in the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company's stock valued at $110,606,000 after purchasing an additional 193,063 shares during the last quarter. Hedge funds and other institutional investors own 34.41% of the company's stock.

Calumet Specialty Products Partners Trading Down 0.3 %

The firm has a 50-day simple moving average of $18.19 and a two-hundred day simple moving average of $16.32. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -312.43 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last posted its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same period last year, the business earned ($0.19) earnings per share. The firm's revenue was up 11.4% on a year-over-year basis. Equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current year.

About Calumet Specialty Products Partners

Calumet, Inc manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments.