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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped down before the market opened on Monday . The stock had previously closed at $9.75, but opened at $8.78. Calumet Specialty Products Partners shares last traded at $8.79, with a volume of 257,766 shares traded.

Analyst Ratings Changes

A number of research analysts recently commented on the company. TD Cowen downgraded Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and dropped their price target for the company from $26.00 to $16.00 in a research note on Tuesday, March 4th. Wells Fargo & Company dropped their target price on shares of Calumet Specialty Products Partners from $29.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. HC Wainwright reiterated a “buy” rating and set a $33.00 price target on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. Finally, UBS Group upgraded shares of Calumet Specialty Products Partners from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $12.00 in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Calumet Specialty Products Partners currently has a consensus rating of “Hold” and a consensus price target of $20.80.

Calumet Specialty Products Partners Trading Up 0.8 %

The firm has a market capitalization of $844.44 million, a price-to-earnings ratio of -3.56 and a beta of 1.42. The stock’s 50-day moving average is $14.26 and its 200-day moving average is $18.29.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, February 28th. The oil and gas company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.59. The firm had revenue of $949.50 million for the quarter, compared to the consensus estimate of $921.76 million. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.59) EPS. On average, equities research analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Stephen P. Mawer sold 3,655 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $12.88, for a total value of $47,076.40. Following the completion of the sale, the director now directly owns 287,307 shares in the company, valued at $3,700,514.16. This represents a 1.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Lunin bought 2,500 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $32,625.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $32,625. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 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.