Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down – Here’s Why

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $21.88, but opened at $21.33. Calumet Specialty Products Partners shares last traded at $21.46, with a volume of 71,295 shares traded.

Analyst Upgrades and Downgrades

CLMT has been the topic of several research reports. The Goldman Sachs Group decreased their price target on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, October 7th. StockNews.com started coverage on shares of Calumet Specialty Products Partners in a research report on Tuesday. They set a “hold” rating for the company. Finally, TD Cowen reduced their price target on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Calumet Specialty Products Partners has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Calumet Specialty Products Partners Trading Down 1.0 %

The business’s fifty day simple moving average is $17.77 and its 200-day simple moving average is $16.24. The firm has a market cap of $1.74 billion, a P/E ratio of -312.57 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $889.17 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. Analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CLMT. ICA Group Wealth Management LLC purchased a new position in shares of Calumet Specialty Products Partners during the fourth quarter valued at about $116,000. Future Financial Wealth Managment LLC purchased a new position in shares of Calumet Specialty Products Partners during the 1st quarter worth approximately $119,000. Mcintyre Freedman & Flynn Investment Advisers Inc. bought a new position in shares of Calumet Specialty Products Partners in the 1st quarter worth approximately $171,000. J.W. Cole Advisors Inc. lifted its stake in shares of Calumet Specialty Products Partners by 4.3% in the 1st quarter. J.W. Cole Advisors Inc. now owns 20,600 shares of the oil and gas company’s stock valued at $306,000 after purchasing an additional 850 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in shares of Calumet Specialty Products Partners during the first quarter valued at approximately $493,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

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.