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

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was the recipient of a significant growth in short interest in July. As of July 31st, there was short interest totalling 1,620,000 shares, a growth of 29.6% from the July 15th total of 1,250,000 shares. Based on an average trading volume of 271,700 shares, the short-interest ratio is currently 6.0 days. Currently, 2.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CLMT. TD Cowen reduced 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 research note on Monday, August 12th. The Goldman Sachs Group reduced their price target on Calumet Specialty Products Partners from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. HC Wainwright reissued a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, August 12th. Finally, StockNews.com initiated coverage on shares of Calumet Specialty Products Partners in a report on Monday, August 12th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Calumet Specialty Products Partners Trading Down 2.0 %

CLMT stock traded down $0.34 during mid-day trading on Friday, reaching $16.95. The company’s stock had a trading volume of 557,617 shares, compared to its average volume of 204,316. The stock has a market cap of $1.36 billion, a PE ratio of -242.14 and a beta of 1.93. Calumet Specialty Products Partners has a fifty-two week low of $9.97 and a fifty-two week high of $19.91. The company’s 50 day moving average is $15.02 and its two-hundred day moving average is $15.42.

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

Hedge Funds Weigh In On Calumet Specialty Products Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ICA Group Wealth Management LLC acquired a new stake in shares of Calumet Specialty Products Partners in the 4th quarter valued at $116,000. Future Financial Wealth Managment LLC acquired a new stake in Calumet Specialty Products Partners during the 1st quarter worth $119,000. PFG Investments LLC acquired a new stake in Calumet Specialty Products Partners during the 1st quarter worth $155,000. Deuterium Capital Management LLC acquired a new stake in Calumet Specialty Products Partners during the 1st quarter worth $159,000. Finally, Wedbush Securities Inc. acquired a new stake in Calumet Specialty Products Partners during the 2nd quarter worth $169,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

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.