Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up to $16.74

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT – Get Rating) gapped up before the market opened on Thursday . The stock had previously closed at $16.74, but opened at $17.25. Calumet Specialty Products Partners shares last traded at $17.07, with a volume of 15,732 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CLMT. StockNews.com raised shares of Calumet Specialty Products Partners from a “sell” rating to a “hold” rating in a report on Monday, March 13th. TheStreet raised shares of Calumet Specialty Products Partners from a “d+” rating to a “c-” rating in a report on Wednesday. UBS Group started coverage on shares of Calumet Specialty Products Partners in a report on Tuesday, December 13th. They set a “neutral” rating and a $15.70 price target for the company. Finally, HC Wainwright dropped their target price on shares of Calumet Specialty Products Partners from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, January 25th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.54.

Calumet Specialty Products Partners Price Performance

The company has a market capitalization of $1.44 billion, a P/E ratio of -8.05 and a beta of 2.05. The stock’s 50 day simple moving average is $17.95 and its two-hundred day simple moving average is $16.76.

Insiders Place Their Bets

In related news, Director Daniel J. Sajkowski sold 11,142 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $19.52, for a total transaction of $217,491.84. Following the completion of the sale, the director now directly owns 156,607 shares of the company’s stock, valued at $3,056,968.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

A number of institutional investors and hedge funds have recently modified their holdings of CLMT. PSI Advisors LLC bought a new stake in shares of Calumet Specialty Products Partners during the fourth quarter worth approximately $25,000. Tower Research Capital LLC TRC raised its stake in shares of Calumet Specialty Products Partners by 107.4% during the third quarter. Tower Research Capital LLC TRC now owns 2,562 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,327 shares during the last quarter. Worth Asset Management LLC bought a new stake in shares of Calumet Specialty Products Partners during the first quarter worth approximately $54,000. BNP Paribas Arbitrage SA bought a new stake in shares of Calumet Specialty Products Partners during the second quarter worth approximately $76,000. Finally, Covestor Ltd bought a new stake in shares of Calumet Specialty Products Partners during the first quarter worth approximately $77,000. 21.05% of the stock is owned by institutional investors.

About Calumet Specialty Products Partners

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Calumet Specialty Products Partners LP engages in the production of specialty hydrocarbon products. It operates through the following segments: Specialty Products, Fuel Products and Corporate. The Specialty Products segment produces lubricating oils, solvents, waxes, synthetic lubricants and other products.