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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 2,350,000 shares, an increase of 9.8% from the August 15th total of 2,140,000 shares. Based on an average daily volume of 493,900 shares, the short-interest ratio is presently 4.8 days. Currently, 3.4% of the shares of the stock are short sold.

Calumet Specialty Products Partners Price Performance

NASDAQ CLMT traded down $0.05 during trading hours on Wednesday, reaching $18.24. The company’s stock had a trading volume of 1,455,647 shares, compared to its average volume of 279,357. The firm has a fifty day simple moving average of $15.77 and a 200-day simple moving average of $15.64. The stock has a market cap of $1.47 billion, a P/E ratio of -260.57 and a beta of 1.92. Calumet Specialty Products Partners has a 52 week low of $9.97 and a 52 week high of $21.19.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $889.17 million. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS. On average, research analysts expect that Calumet Specialty Products Partners will post -1.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Calumet Specialty Products Partners in a research note on Friday, September 13th. They issued a “hold” rating on the stock. The Goldman Sachs Group reduced their price target on shares of 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. HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Calumet Specialty Products Partners in a research note on Monday, August 12th. Finally, TD Cowen dropped their price objective on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating for the company in a report on Monday, August 12th. One equities 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Founders Financial Alliance LLC raised its holdings 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 worth $777,000 after purchasing an additional 3,750 shares during the last quarter. Creative Planning raised its holdings in Calumet Specialty Products Partners by 46.4% during the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after purchasing an additional 19,800 shares during the last quarter. DRW Securities LLC bought a new position in Calumet Specialty Products Partners during the 2nd quarter worth approximately $898,000. Wedbush Securities Inc. bought a new position in Calumet Specialty Products Partners during the 2nd quarter worth approximately $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its holdings 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 worth $110,606,000 after purchasing an additional 193,063 shares during the last quarter. Institutional investors 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.