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

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) 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 traded.

Wall Street Analyst Weigh In

CLMT has been the subject of a number of research analyst reports. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. TD Cowen reduced their target price on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. UBS Group cut shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and reduced their target price for the company from $20.50 to $15.00 in a research report on Tuesday, February 4th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $23.60.

Calumet Specialty Products Partners Price Performance

The company’s 50-day moving average is $19.37 and its two-hundred day moving average is $18.98. The firm has a market cap of $1.42 billion, a P/E ratio of -6.00 and a beta of 1.88.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were 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 owns 1,184,589 shares of the company’s stock, valued at $25,373,896.38. This represents a 3.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.91% of the stock is currently owned by company insiders.

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.