Calumet Specialty Products Partners (NASDAQ:CLMT) Sees Unusually-High Trading Volume

Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) saw strong trading volume on Tuesday . 503,254 shares traded hands during trading, an increase of 87% from the previous session’s volume of 269,622 shares.The stock last traded at $18.15 and had previously closed at $17.96.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CLMT. The Goldman Sachs Group lowered 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 report on Monday, August 5th. TD Cowen lowered their target price 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 started coverage on Calumet Specialty Products Partners in a research report on Friday. They set a “hold” rating on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research note on Monday, August 12th. One 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 company presently has an average rating of “Moderate Buy” and an average target price of $19.33.

Calumet Specialty Products Partners Trading Up 1.8 %

The company’s fifty day simple moving average is $15.72 and its 200 day simple moving average is $15.62. The stock has a market capitalization of $1.47 billion, a P/E ratio of -261.43 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT) last posted its quarterly earnings data on Friday, August 9th. The oil and gas company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.07. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $889.17 million. During the same period in the prior year, the business posted ($0.19) EPS. Calumet Specialty Products Partners’s quarterly revenue was up 11.4% on a year-over-year basis. Equities research analysts predict that Calumet Specialty Products Partners, L.P. will post -1.92 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Founders Financial Alliance LLC raised 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 valued at $777,000 after purchasing an additional 3,750 shares in the last quarter. Creative Planning lifted its holdings in shares of Calumet Specialty Products Partners by 46.4% during the 2nd quarter. Creative Planning now owns 62,459 shares of the oil and gas company’s stock worth $1,002,000 after acquiring an additional 19,800 shares during the last quarter. DRW Securities LLC purchased a new position in Calumet Specialty Products Partners in the second quarter worth $898,000. Wedbush Securities Inc. bought a new position in Calumet Specialty Products Partners in the second quarter valued at $169,000. Finally, Wasserstein Debt Opportunities Management L.P. raised its position in Calumet Specialty Products Partners by 2.9% during the second quarter. Wasserstein Debt Opportunities Management L.P. now owns 6,891,314 shares of the oil and gas company’s stock valued at $110,606,000 after purchasing an additional 193,063 shares in the last quarter. 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.