Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Up 4.7% – Here’s What Happened

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price rose 4.7% during trading on Wednesday . The stock traded as high as $15.73 and last traded at $15.71. Approximately 577,525 shares were traded during trading, a decline of 58% from the average daily volume of 1,382,509 shares. The stock had previously closed at $15.01.

Wall Street Analysts Forecast Growth

CLMT has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on 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 research note on Monday, November 18th. HC Wainwright increased their target price on shares of Calumet Specialty Products Partners from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, TD Cowen reduced 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 report on Monday, November 11th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.75.

Calumet Specialty Products Partners Stock Up 12.4 %

The company has a market cap of $1.45 billion, a P/E ratio of -6.11 and a beta of 1.90. The firm has a fifty day moving average price of $20.63 and a 200 day moving average price of $18.82.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data on Friday, November 8th. The oil and gas company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $888.36 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Calumet Specialty Products Partners, L.P. will post -3.02 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 37,861 shares of Calumet Specialty Products Partners stock in a transaction dated 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 sale, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.91% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A hedge fund recently raised its stake in Calumet Specialty Products Partners stock. Founders Financial Alliance LLC increased its stake in shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) by 8.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,400 shares of the oil and gas company’s stock after purchasing an additional 3,750 shares during the period. Founders Financial Alliance LLC owned approximately 0.06% of Calumet Specialty Products Partners worth $777,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 34.41% of the company’s stock.

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.