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

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped down prior to trading on Tuesday . The stock had previously closed at $13.46, but opened at $12.60. Calumet Specialty Products Partners shares last traded at $11.99, with a volume of 514,954 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CLMT shares. TD Cowen cut Calumet Specialty Products Partners from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $16.00 in a research note on Tuesday. 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 dropped their price objective for the company from $20.50 to $15.00 in a report on Tuesday, February 4th. Finally, HC Wainwright reissued a “buy” rating and set a $33.00 target price on shares of Calumet Specialty Products Partners in a report on Monday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Calumet Specialty Products Partners currently has a consensus rating of “Hold” and a consensus price target of $21.60.

Calumet Specialty Products Partners Stock Performance

The firm has a market capitalization of $1.12 billion, a PE ratio of -4.73 and a beta of 1.88. The firm’s 50 day moving average price is $17.98 and its 200-day moving average price is $19.22.

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

Insider Activity at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 37,861 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the transaction, the director now directly owns 1,184,589 shares of the company’s stock, valued at approximately $25,373,896.38. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.91% of the stock is owned by corporate insiders.

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.