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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped up prior to trading 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.

Analyst Ratings Changes

CLMT has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of Calumet Specialty Products Partners in a research note on Wednesday. TD Cowen cut their price target on shares of 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. Wells Fargo & Company lifted their price target on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company 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. Finally, UBS Group downgraded shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $20.50 to $15.00 in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.60.

Calumet Specialty Products Partners Stock Down 4.9 %

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -6.00 and a beta of 1.88. The stock’s fifty day moving average is $19.37 and its two-hundred day moving average is $18.98.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total transaction of $810,982.62. Following the transaction, the director now directly owns 1,184,589 shares in the company, valued at approximately $25,373,896.38. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.91% of the stock is owned by corporate insiders.

About Calumet Specialty Products Partners

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.