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

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

Analyst Upgrades and Downgrades

CLMT has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, August 12th. TD Cowen decreased their price objective on shares of Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, August 12th. StockNews.com began coverage on shares of Calumet Specialty Products Partners in a research note on Sunday. They set a “hold” rating for the company. Finally, The Goldman Sachs Group decreased 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. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

Calumet Specialty Products Partners Stock Up 3.0 %

Shares of CLMT opened at $17.52 on Monday. Calumet Specialty Products Partners has a 52-week low of $9.97 and a 52-week high of $21.19. The stock has a market cap of $1.41 billion, a PE ratio of -250.29 and a beta of 1.92. The firm’s fifty day moving average is $16.05 and its two-hundred day moving average is $15.78.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $889.17 million. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, research analysts anticipate that Calumet Specialty Products Partners will post -1.94 earnings per share for the current year.

Institutional Trading of Calumet Specialty Products Partners

Several large investors have recently added to or reduced their stakes in CLMT. ICA Group Wealth Management LLC acquired a new position in shares of Calumet Specialty Products Partners during the 4th quarter valued at about $116,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Calumet Specialty Products Partners in the 1st quarter valued at approximately $119,000. Deuterium Capital Management LLC purchased a new stake in shares of Calumet Specialty Products Partners in the 1st quarter valued at approximately $159,000. Wedbush Securities Inc. acquired a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter worth approximately $169,000. Finally, Mcintyre Freedman & Flynn Investment Advisers Inc. purchased a new stake in shares of Calumet Specialty Products Partners during the 1st quarter valued at approximately $171,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

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.