Short Interest in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Grows By 24.3%

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 2,920,000 shares, a growth of 24.3% from the August 31st total of 2,350,000 shares. Based on an average trading volume of 706,500 shares, the days-to-cover ratio is presently 4.1 days. Currently, 4.3% of the shares of the company are sold short.

Institutional Trading of Calumet Specialty Products Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. Founders Financial Alliance LLC grew its holdings in shares of Calumet Specialty Products Partners by 8.4% during the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after purchasing an additional 3,750 shares in the last quarter. Creative Planning increased its holdings in shares of 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 during the last quarter. DRW Securities LLC purchased a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter valued at $898,000. Wedbush Securities Inc. bought a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter worth $169,000. Finally, Wasserstein Debt Opportunities Management L.P. grew its position in Calumet Specialty Products Partners by 2.9% in the second 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. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Trading Up 3.0 %

Shares of NASDAQ:CLMT opened at $17.52 on Monday. The company has a 50 day moving average of $16.05 and a 200 day moving average of $15.78. The stock has a market cap of $1.41 billion, a P/E ratio of -250.29 and a beta of 1.92. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $21.19.

Calumet Specialty Products Partners (NASDAQ:CLMT) last released its quarterly earnings results on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $889.17 million. During the same quarter last year, the firm earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. On average, equities analysts forecast that Calumet Specialty Products Partners will post -1.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CLMT shares. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, August 12th. TD Cowen dropped their price target on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research note on Sunday. They issued a “hold” rating for the company. Finally, The Goldman Sachs Group reduced their price target on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, August 5th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.33.

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.