Calumet Specialty Products Partners Target of Unusually High Options Trading (NASDAQ:CLMT)

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

Analysts Set New Price Targets

CLMT has been the topic of several research reports. StockNews.com raised Calumet Specialty Products Partners to a “sell” rating in a research report on Monday, November 18th. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Calumet Specialty Products Partners in a report on Monday, November 11th. Wells Fargo & Company raised their price objective 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, TD Cowen dropped their target price on Calumet Specialty Products Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.75.

Calumet Specialty Products Partners Price Performance

Shares of NASDAQ CLMT opened at $21.38 on Friday. Calumet Specialty Products Partners has a 1 year low of $9.97 and a 1 year high of $25.29. The company has a 50 day simple moving average of $21.39 and a 200-day simple moving average of $18.63. The company has a market capitalization of $1.84 billion, a P/E ratio of -7.75 and a beta of 1.90.

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

Insiders Place Their Bets

In related news, Director Jennifer Straumins sold 37,861 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.42, for a total transaction of $810,982.62. Following the completion of the sale, the director now directly owns 1,184,589 shares in the company, valued at $25,373,896.38. This represents a 3.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calumet Specialty Products Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Founders Financial Alliance LLC grew its position in Calumet Specialty Products Partners by 8.4% in the 2nd quarter. Founders Financial Alliance LLC now owns 48,400 shares of the oil and gas company’s stock valued at $777,000 after buying an additional 3,750 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in shares of Calumet Specialty Products Partners in the 2nd quarter worth $169,000. Creative Planning boosted its holdings in shares of Calumet Specialty Products Partners by 46.4% in the second 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 in the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Calumet Specialty Products Partners during the second quarter worth about $898,000. Hedge funds and other institutional investors own 34.41% of the company’s stock.

About Calumet Specialty Products Partners

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.