Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Sees Large Increase in Short Interest

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 5,730,000 shares, a growth of 6.7% from the November 30th total of 5,370,000 shares. Based on an average trading volume of 718,200 shares, the short-interest ratio is currently 8.0 days. Approximately 8.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. TD Cowen dropped their price objective on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, November 11th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a report on Monday, November 11th. Wells Fargo & Company raised their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Stock Performance

Shares of Calumet Specialty Products Partners stock traded up $0.11 during trading hours on Thursday, reaching $22.13. The company’s stock had a trading volume of 74,042 shares, compared to its average volume of 431,145. The stock has a market cap of $1.90 billion, a P/E ratio of -8.02 and a beta of 1.91. Calumet Specialty Products Partners has a one year low of $9.97 and a one year high of $25.29. The company’s 50 day simple moving average is $21.28 and its 200 day simple moving average is $18.41.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its quarterly earnings results on Friday, November 8th. The oil and gas company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.59). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $888.36 million. During the same quarter last year, the firm earned $0.03 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, sell-side analysts predict that Calumet Specialty Products Partners will post -2.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 37,861 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.42, for a total value of $810,982.62. Following the transaction, the director now owns 1,184,589 shares in the company, valued at $25,373,896.38. The trade was a 3.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Wasserstein Debt Opportunities Management L.P. boosted its stake in 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 valued at $110,606,000 after purchasing an additional 193,063 shares during the period. Creative Planning grew its holdings in Calumet Specialty Products Partners by 46.4% in the 2nd 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. Founders Financial Alliance LLC raised its stake in 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 acquiring an additional 3,750 shares in the last quarter. DRW Securities LLC acquired a new position in Calumet Specialty Products Partners during the 2nd quarter worth $898,000. Finally, Wedbush Securities Inc. bought a new position in shares of Calumet Specialty Products Partners in the second quarter worth $169,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Specialty Products Partners Company Profile

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.