Calumet Specialty Products Partners (NASDAQ:CLMT) Shares Up 9.7%

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) shares rose 9.7% during trading on Tuesday . The company traded as high as $15.64 and last traded at $15.57. Approximately 646,920 shares were traded during trading, an increase of 243% from the average daily volume of 188,544 shares. The stock had previously closed at $14.19.

Analyst Upgrades and Downgrades

CLMT has been the topic of a number of analyst reports. StockNews.com initiated coverage on Calumet Specialty Products Partners in a research note on Monday. They set a “hold” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday. The Goldman Sachs Group decreased their price objective on 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. Finally, TD Cowen decreased their price objective on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Calumet Specialty Products Partners Stock Up 8.4 %

The firm has a market cap of $1.39 billion, a P/E ratio of -247.00 and a beta of 1.93. The company has a 50 day moving average of $15.00 and a two-hundred day moving average of $15.41.

Calumet Specialty Products Partners (NASDAQ:CLMT) last announced its earnings results on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.07. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $889.17 million. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.19) earnings per share. Research analysts expect that Calumet Specialty Products Partners, L.P. will post -1.9 earnings per share for the current fiscal year.

Institutional Investors 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 company. DRW Securities LLC purchased a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter worth about $898,000. Wedbush Securities Inc. purchased a new stake in shares of Calumet Specialty Products Partners during the 2nd quarter worth about $169,000. Wasserstein Debt Opportunities Management L.P. raised its stake in shares of 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 in the last quarter. FAS Wealth Partners Inc. increased its holdings in shares of Calumet Specialty Products Partners by 4.5% during the 2nd quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after acquiring an additional 2,308 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Calumet Specialty Products Partners by 13.4% during the 2nd quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock valued at $9,182,000 after acquiring an additional 67,689 shares during the last quarter. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Specialty Products Partners Company Profile

Calumet Specialty Products Partners, L.P. 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; Performance brands; Montana/Renewables; and Corporate segments.