Investors Buy High Volume of Calumet Specialty Products Partners Call Options (NASDAQ:CLMT)

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) saw unusually large options trading on Wednesday. Stock investors purchased 32,005 call options on the company. This represents an increase of 442% compared to the average volume of 5,902 call options.

Calumet Specialty Products Partners Price Performance

Shares of Calumet Specialty Products Partners stock traded down $0.21 during trading hours on Wednesday, hitting $21.10. 172,881 shares of the company’s stock traded hands, compared to its average volume of 712,240. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -7.64 and a beta of 1.90. Calumet Specialty Products Partners has a 12-month low of $9.97 and a 12-month high of $25.29. The company has a fifty day simple moving average of $21.38 and a 200-day simple moving average of $18.59.

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

Insider Buying and Selling

In other Calumet Specialty Products Partners news, Director Jennifer Straumins sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total transaction of $2,059,000.00. Following the completion of the sale, the director now directly owns 1,388,529 shares of the company’s stock, valued at approximately $28,589,812.11. The trade was a 6.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.91% of the stock is owned by company insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Several institutional investors have recently bought and sold shares of CLMT. Wedbush Securities Inc. bought a new stake in shares of Calumet Specialty Products Partners in the second quarter valued at $169,000. Founders Financial Alliance LLC grew its stake in shares of Calumet Specialty Products Partners by 8.4% during the 2nd 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. DRW Securities LLC purchased a new stake in Calumet Specialty Products Partners in the 2nd quarter worth about $898,000. Finally, Creative Planning raised its stake in Calumet Specialty Products Partners by 46.4% in the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock valued at $1,002,000 after acquiring an additional 19,800 shares during the period. Hedge funds and other institutional investors own 34.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upped their price target on Calumet Specialty Products Partners from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. HC Wainwright reiterated 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. StockNews.com raised shares of Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. Finally, TD Cowen reduced their price objective on shares of Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.75.

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.