Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up – Here’s Why

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.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CLMT. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of Calumet Specialty Products Partners in a research report on Wednesday. Wells Fargo & Company lifted their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. UBS Group downgraded shares of Calumet Specialty Products Partners from a “neutral” rating to a “sell” rating and lowered their target price for the company from $20.50 to $15.00 in a research note on Tuesday, February 4th. Finally, TD Cowen reduced their price target on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $23.60.

Calumet Specialty Products Partners Price Performance

The stock has a 50 day simple moving average of $19.59 and a two-hundred day simple moving average of $19.00. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -6.63 and a beta of 1.88.

Insider Buying and Selling at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 37,861 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total value of $810,982.62. Following the completion of the transaction, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.91% of the stock is currently 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.