Short Interest in Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) Declines By 5.5%

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 5,150,000 shares, a drop of 5.5% from the October 31st total of 5,450,000 shares. Currently, 7.5% of the company’s shares are sold short. Based on an average daily trading volume, of 848,700 shares, the short-interest ratio is presently 6.1 days.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CLMT shares. StockNews.com upgraded shares of Calumet Specialty Products Partners to a “sell” rating in a report on Monday, November 18th. Wells Fargo & Company lifted their price objective on shares of Calumet Specialty Products Partners from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. HC Wainwright reiterated a “buy” rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. Finally, TD Cowen decreased their price target on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, November 11th. One 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.75.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 100,000 shares of Calumet Specialty Products Partners stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the sale, the director now directly owns 1,388,529 shares in the company, valued at $28,589,812.11. This trade represents a 6.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wasserstein Debt Opportunities Management L.P. boosted its holdings in shares of Calumet Specialty Products Partners by 2.9% in 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 buying an additional 193,063 shares during the last quarter. Raymond James & Associates increased its position in shares of Calumet Specialty Products Partners by 13.4% during the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after buying an additional 67,689 shares during the period. Creative Planning increased its position in shares of Calumet Specialty Products Partners by 46.4% during the second quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after buying an additional 19,800 shares during the period. DRW Securities LLC bought a new stake in shares of Calumet Specialty Products Partners during the second quarter valued at about $898,000. Finally, FAS Wealth Partners Inc. increased its position in shares of Calumet Specialty Products Partners by 4.5% during the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after buying an additional 2,308 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Trading Up 2.7 %

Shares of CLMT stock opened at $22.52 on Thursday. The firm has a market capitalization of $1.93 billion, a PE ratio of -7.91 and a beta of 1.91. The firm has a fifty day simple moving average of $20.67 and a two-hundred day simple moving average of $17.64. Calumet Specialty Products Partners has a 12 month low of $9.97 and a 12 month high of $25.29.

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

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.