Calumet Specialty Products Partners (NASDAQ:CLMT) Trading Up 7.1% - Here's What Happened

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) shot up 7.1% during mid-day trading on Tuesday . The company traded as high as $13.99 and last traded at $14.10. 164,389 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 932,216 shares. The stock had previously closed at $13.17.

Analysts Set New Price Targets

CLMT has been the topic of several recent analyst reports. HC Wainwright reissued a "buy" rating and set a $33.00 target price on shares of Calumet Specialty Products Partners in a research report on Monday, March 3rd. TD Cowen downgraded Calumet Specialty Products Partners from a "buy" rating to a "hold" rating and decreased their price target for the company from $26.00 to $16.00 in a research report on Tuesday, March 4th. Bank of America started coverage on Calumet Specialty Products Partners in a research report on Tuesday, May 13th. They issued a "buy" rating and a $15.00 price objective on the stock. Wells Fargo & Company reduced their price objective on Calumet Specialty Products Partners from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, May 14th. Finally, UBS Group upgraded Calumet Specialty Products Partners from a "sell" rating to a "neutral" rating and lowered their target price for the stock from $15.00 to $12.00 in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Calumet Specialty Products Partners has a consensus rating of "Hold" and an average price target of $18.50.

Calumet Specialty Products Partners Trading Up 6.8%

The business's fifty day moving average is $11.97 and its 200 day moving average is $15.42. The company has a market cap of $1.30 billion, a P/E ratio of -5.48 and a beta of 0.91.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last issued its earnings results on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.62). The business had revenue of $993.90 million during the quarter, compared to analysts' expectations of $899.62 million. Calumet Specialty Products Partners's revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.51) EPS. As a group, research analysts expect that Calumet Specialty Products Partners, L.P. will post -3.02 EPS for the current fiscal year.

Insider Activity at Calumet Specialty Products Partners

In related news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $13.17, for a total value of $1,317,000.00. Following the completion of the transaction, the director now directly owns 1,084,589 shares in the company, valued at approximately $14,284,037.13. The trade was a 8.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen P. Mawer sold 3,655 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $9.29, for a total transaction of $33,954.95. Following the sale, the director now directly owns 283,652 shares in the company, valued at $2,635,127.08. The trade was a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,310 shares of company stock worth $1,398,031. Company insiders own 4.07% of the company's stock.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.