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

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on CLMT. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research note on Monday, November 18th. TD Cowen cut their target price on 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. Wells Fargo & Company upped their target price on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $25.00 target price on shares of Calumet Specialty Products Partners in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.75.

Insider Buying and Selling

In related news, Director Jennifer Straumins sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $20.59, for a total value of $2,059,000.00. Following the transaction, the director now directly owns 1,388,529 shares in the company, valued at approximately $28,589,812.11. This represents a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.91% of the stock is owned by company insiders.

Institutional Trading of Calumet Specialty Products Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wedbush Securities Inc. purchased a new stake in Calumet Specialty Products Partners in the second quarter worth $169,000. Sapient Capital LLC lifted its stake in Calumet Specialty Products Partners by 9.5% in the second quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company’s stock worth $185,000 after acquiring an additional 1,000 shares during the period. ARS Investment Partners LLC lifted its stake in Calumet Specialty Products Partners by 16.7% in the second quarter. ARS Investment Partners LLC now owns 31,500 shares of the oil and gas company’s stock worth $506,000 after acquiring an additional 4,500 shares during the period. Founders Financial Alliance LLC lifted its stake in Calumet Specialty Products Partners by 8.4% in the second quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock worth $777,000 after acquiring an additional 3,750 shares during the period. Finally, FAS Wealth Partners Inc. lifted its stake in Calumet Specialty Products Partners by 4.5% in the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock worth $869,000 after acquiring an additional 2,308 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Calumet Specialty Products Partners Stock Performance

NASDAQ:CLMT opened at $22.52 on Thursday. The firm has a market cap of $1.93 billion, a PE ratio of -7.91 and a beta of 1.91. Calumet Specialty Products Partners has a fifty-two week low of $9.97 and a fifty-two week high of $25.29. The business has a 50 day moving average price of $20.67 and a 200-day moving average price of $17.64.

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

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.