Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Gap Down - Time to Sell?

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $21.88, but opened at $21.33. Calumet Specialty Products Partners shares last traded at $21.46, with a volume of 71,295 shares.

Several equities analysts recently weighed in on the stock. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research report on Tuesday. They set a "hold" rating for the company. HC Wainwright reissued a "buy" rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, October 7th. TD Cowen decreased their price target on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Finally, The Goldman Sachs Group dropped their price objective on Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.33.

Check Out Our Latest Report on Calumet Specialty Products Partners

The business's 50-day simple moving average is $17.77 and its two-hundred day simple moving average is $16.24. The stock has a market cap of $1.74 billion, a P/E ratio of -312.57 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.07. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $889.17 million. The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the business posted ($0.19) earnings per share. Analysts anticipate that Calumet Specialty Products Partners, L.P. will post -1.97 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of CLMT. Founders Financial Alliance LLC grew its position in shares of Calumet Specialty Products Partners by 8.4% during the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company's stock valued at $777,000 after purchasing an additional 3,750 shares in the last quarter. Creative Planning grew its position in Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company's stock worth $1,002,000 after buying an additional 19,800 shares in the last quarter. DRW Securities LLC bought a new position in Calumet Specialty Products Partners in the 2nd quarter worth about $898,000. Wedbush Securities Inc. bought a new position in Calumet Specialty Products Partners in the 2nd quarter worth about $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its holdings in shares of Calumet Specialty Products Partners by 2.9% in the 2nd quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company's stock valued at $110,606,000 after acquiring an additional 193,063 shares in the last quarter. 34.41% of the stock is currently owned by institutional investors.

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.

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