Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down to $16.58

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $16.58, but opened at $16.21. Calumet Specialty Products Partners shares last traded at $16.90, with a volume of 101,690 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday, August 12th. TD Cowen reduced their target price on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating for the company in a report on Monday, August 12th. The Goldman Sachs Group dropped their price target on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, StockNews.com began coverage on Calumet Specialty Products Partners in a research note on Friday. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Calumet Specialty Products Partners Price Performance

The firm’s fifty day simple moving average is $15.69 and its 200 day simple moving average is $15.60. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -245.14 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $889.17 million. During the same period in the prior year, the business posted ($0.19) EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. Equities research analysts forecast that Calumet Specialty Products Partners, L.P. will post -1.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds have recently bought and sold shares of the business. Wasserstein Debt Opportunities Management L.P. purchased a new position in Calumet Specialty Products Partners during the 4th quarter valued at about $119,698,000. Raymond James & Associates grew its position in Calumet Specialty Products Partners by 13.4% during the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after purchasing an additional 67,689 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Calumet Specialty Products Partners in the 1st quarter valued at approximately $493,000. Corient Private Wealth LLC purchased a new stake in Calumet Specialty Products Partners in the 4th quarter worth approximately $8,312,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Calumet Specialty Products Partners during the 4th quarter valued at $116,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.