Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down – Should You Sell?

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped down prior to trading on Tuesday . The stock had previously closed at $13.46, but opened at $12.60. Calumet Specialty Products Partners shares last traded at $11.99, with a volume of 514,954 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CLMT. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. TD Cowen lowered shares of Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and lowered their price target for the stock from $26.00 to $16.00 in a research report on Tuesday. UBS Group downgraded shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and cut their price objective for the company from $20.50 to $15.00 in a report on Tuesday, February 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $21.60.

Calumet Specialty Products Partners Stock Performance

The firm’s 50-day moving average price is $17.98 and its two-hundred day moving average price is $19.22. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -4.73 and a beta of 1.88.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its earnings results on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.59. The firm had revenue of $949.50 million during the quarter, compared to analyst estimates of $921.76 million. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.59) earnings per share. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

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