Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Up Following Analyst Upgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) gapped up prior to trading on Thursday after TD Cowen raised their price target on the stock from $22.00 to $27.00. The stock had previously closed at $21.93, but opened at $25.07. TD Cowen currently has a buy rating on the stock. Calumet Specialty Products Partners shares last traded at $23.90, with a volume of 647,408 shares traded.

Several other analysts also recently commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, October 7th. Finally, StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research note on Tuesday. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Calumet Specialty Products Partners has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Large investors have recently modified their holdings of the business. Raymond James & Associates raised its holdings in shares of Calumet Specialty Products Partners by 13.4% in the 2nd 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 bought a new position in shares of Calumet Specialty Products Partners during the 1st quarter worth approximately $493,000. Wasserstein Debt Opportunities Management L.P. raised its stake in shares of Calumet Specialty Products Partners by 2.9% during the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock worth $110,606,000 after acquiring an additional 193,063 shares in the last quarter. J.W. Cole Advisors Inc. raised its stake in shares of Calumet Specialty Products Partners by 4.3% during the 1st quarter. J.W. Cole Advisors Inc. now owns 20,600 shares of the oil and gas company’s stock worth $306,000 after acquiring an additional 850 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Calumet Specialty Products Partners during the 1st quarter worth approximately $119,000. Institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Trading Down 8.3 %

The company has a market cap of $1.61 billion, a PE ratio of -286.57 and a beta of 1.92. The firm’s 50-day simple moving average is $18.31 and its two-hundred day simple moving average is $16.35.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $889.17 million. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.19) EPS. As a group, analysts predict that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current year.

About Calumet Specialty Products Partners

Calumet, Inc 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; Montana/Renewables; and Performance brands segments.