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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report)'s share price 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 changing hands.

CLMT has been the subject of several other reports. The Goldman Sachs Group lowered their price objective on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, August 5th. HC Wainwright reiterated a "buy" rating and set a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, October 7th. Finally, StockNews.com started coverage on Calumet Specialty Products Partners in a research note on Tuesday. They issued a "hold" rating for the company. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.33.

View Our Latest Stock Analysis on Calumet Specialty Products Partners

A number of institutional investors have recently modified their holdings of CLMT. Future Financial Wealth Managment LLC acquired a new position in shares of Calumet Specialty Products Partners in the 1st quarter valued at $119,000. Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners in the second quarter worth about $169,000. Deuterium Capital Management LLC acquired a new stake in shares of Calumet Specialty Products Partners during the 1st quarter valued at about $159,000. Mcintyre Freedman & Flynn Investment Advisers Inc. purchased a new position in shares of Calumet Specialty Products Partners in the 1st quarter valued at about $171,000. Finally, Sapient Capital LLC raised its holdings 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 purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 34.41% of the company's stock.

The business has a 50-day simple moving average of $17.98 and a 200-day simple moving average of $16.28. The company has a market cap of $1.78 billion, a PE ratio of -341.00 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last announced its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.07. The business had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $889.17 million. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.19) EPS. On average, research analysts forecast that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current fiscal year.

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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