Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down to $16.87

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMTGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $16.87, but opened at $16.52. Calumet Specialty Products Partners shares last traded at $16.35, with a volume of 15 shares.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CLMT. Cowen increased their price objective on Calumet Specialty Products Partners from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, June 28th. The Goldman Sachs Group raised shares of Calumet Specialty Products Partners from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $23.00 in a report on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Calumet Specialty Products Partners Trading Up 0.7 %

The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -8.87 and a beta of 2.05. The stock’s 50 day moving average is $15.33 and its two-hundred day moving average is $13.85.

Insider Buying and Selling

In other Calumet Specialty Products Partners news, EVP Scott Obermeier purchased 6,350 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were purchased at an average cost of $15.95 per share, with a total value of $101,282.50. Following the transaction, the executive vice president now directly owns 48,143 shares of the company’s stock, valued at approximately $767,880.85. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Calumet Specialty Products Partners news, Chairman Stephen P. Mawer purchased 9,251 shares of the business’s stock in a transaction on Friday, August 12th. The shares were purchased at an average cost of $16.11 per share, with a total value of $149,033.61. Following the transaction, the chairman now directly owns 137,233 shares of the company’s stock, valued at approximately $2,210,823.63. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Obermeier purchased 6,350 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were acquired at an average cost of $15.95 per share, for a total transaction of $101,282.50. Following the completion of the transaction, the executive vice president now directly owns 48,143 shares in the company, valued at $767,880.85. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 42,268 shares of company stock valued at $691,954. Company insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Adams Asset Advisors LLC raised its holdings in shares of Calumet Specialty Products Partners by 4.0% in the 2nd quarter. Adams Asset Advisors LLC now owns 5,431,094 shares of the oil and gas company’s stock valued at $56,429,000 after purchasing an additional 206,379 shares during the period. Brown Advisory Inc. raised its holdings in shares of Calumet Specialty Products Partners by 1,788.9% in the 1st quarter. Brown Advisory Inc. now owns 792,581 shares of the oil and gas company’s stock valued at $10,787,000 after purchasing an additional 750,621 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Calumet Specialty Products Partners by 3.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 315,032 shares of the oil and gas company’s stock valued at $3,273,000 after purchasing an additional 9,267 shares during the period. Raymond James & Associates raised its holdings in shares of Calumet Specialty Products Partners by 15.1% in the 1st quarter. Raymond James & Associates now owns 308,055 shares of the oil and gas company’s stock valued at $4,193,000 after purchasing an additional 40,480 shares during the period. Finally, LPL Financial LLC raised its holdings in shares of Calumet Specialty Products Partners by 3.0% in the 2nd quarter. LPL Financial LLC now owns 138,833 shares of the oil and gas company’s stock valued at $1,442,000 after purchasing an additional 4,085 shares during the period. 20.43% 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.

Further Reading

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