Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up to $11.79

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares gapped up before the market opened on Friday . The stock had previously closed at $11.79, but opened at $12.40. Calumet Specialty Products Partners shares last traded at $13.02, with a volume of 50,128 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently commented on CLMT. StockNews.com assumed coverage on Calumet Specialty Products Partners in a research note on Sunday, August 4th. They issued a “hold” rating for the company. The Goldman Sachs Group cut their target price on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, May 13th.

Calumet Specialty Products Partners Price Performance

The firm has a market cap of $1.10 billion, a PE ratio of -188.29 and a beta of 1.93. The stock has a 50 day simple moving average of $15.07 and a 200-day simple moving average of $15.43.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, May 10th. The oil and gas company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.13. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $984.10 million. As a group, equities analysts predict that Calumet Specialty Products Partners, L.P. will post -1.9 EPS for the current fiscal year.

Insider Activity

In related news, SVP Gregory J. Morical sold 11,111 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $15.04, for a total value of $167,109.44. Following the transaction, the senior vice president now directly owns 33,845 shares of the company’s stock, valued at approximately $509,028.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. J.W. Cole Advisors Inc. boosted its position 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 worth $306,000 after purchasing an additional 850 shares during the period. Sapient Capital LLC increased its stake in Calumet Specialty Products Partners by 9.5% in the 2nd quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock worth $185,000 after buying an additional 1,000 shares in the last quarter. Sheets Smith Wealth Management raised its holdings in Calumet Specialty Products Partners by 11.2% during the fourth quarter. Sheets Smith Wealth Management now owns 12,202 shares of the oil and gas company’s stock valued at $218,000 after acquiring an additional 1,225 shares during the period. O Brien Greene & Co. Inc lifted its position in shares of Calumet Specialty Products Partners by 4.2% in the fourth quarter. O Brien Greene & Co. Inc now owns 50,000 shares of the oil and gas company’s stock valued at $894,000 after acquiring an additional 2,000 shares in the last quarter. Finally, FAS Wealth Partners Inc. boosted its stake in shares of Calumet Specialty Products Partners by 4.5% in the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock worth $869,000 after acquiring an additional 2,308 shares during the period. 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.