Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down – Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s stock price gapped down before the market opened 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.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CLMT. The Goldman Sachs Group dropped their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, August 5th. HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Thursday. StockNews.com assumed coverage on shares of Calumet Specialty Products Partners in a research note on Tuesday. They issued a “hold” rating for the company. Finally, TD Cowen upped their target price on shares of Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.33.

Calumet Specialty Products Partners Trading Down 0.3 %

The firm’s fifty day simple moving average is $18.19 and its 200 day simple moving average is $16.32. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -312.43 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same quarter in the previous year, the firm posted ($0.19) EPS. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, sell-side analysts expect that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current year.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Future Financial Wealth Managment LLC acquired a new stake in Calumet Specialty Products Partners during the first quarter worth approximately $119,000. Mcintyre Freedman & Flynn Investment Advisers Inc. acquired a new stake in Calumet Specialty Products Partners during the 1st quarter worth $171,000. J.W. Cole Advisors Inc. raised its holdings in shares of Calumet Specialty Products Partners by 4.3% in the first quarter. J.W. Cole Advisors Inc. now owns 20,600 shares of the oil and gas company’s stock valued at $306,000 after buying an additional 850 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Calumet Specialty Products Partners during the first quarter worth about $493,000. Finally, Deuterium Capital Management LLC purchased a new position in shares of Calumet Specialty Products Partners during the first quarter worth about $159,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

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.