Calumet Specialty Products Partners (NASDAQ:CLMT) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) saw unusually-strong trading volume on Monday after the company announced better than expected quarterly earnings. Approximately 212,730 shares changed hands during trading, an increase of 17% from the previous session’s volume of 182,442 shares.The stock last traded at $14.05 and had previously closed at $13.64.

The oil and gas company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.07. The firm 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 company earned ($0.19) EPS. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CLMT shares. StockNews.com started coverage on shares of Calumet Specialty Products Partners in a research note on Monday. They issued a “hold” rating on the stock. TD Cowen lowered their price target on Calumet Specialty Products Partners from $20.00 to $18.00 and set a “buy” rating for the company in a report on Monday. HC Wainwright restated a “buy” rating and set a $25.00 price objective on shares of Calumet Specialty Products Partners in a research report on Monday. Finally, The Goldman Sachs Group decreased their target price 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. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Hedge funds have recently modified their holdings of the company. DRW Securities LLC bought a new position in Calumet Specialty Products Partners in the 2nd quarter valued at approximately $898,000. Wedbush Securities Inc. acquired a new position in Calumet Specialty Products Partners in the 2nd quarter valued at approximately $169,000. Wasserstein Debt Opportunities Management L.P. increased its position in Calumet Specialty Products Partners by 2.9% in the 2nd 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 acquiring an additional 193,063 shares during the period. FAS Wealth Partners Inc. raised its stake in shares of Calumet Specialty Products Partners by 4.5% during the second quarter. FAS Wealth Partners Inc. now owns 54,126 shares of the oil and gas company’s stock valued at $869,000 after acquiring an additional 2,308 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Calumet Specialty Products Partners by 13.4% in the second quarter. Raymond James & Associates now owns 572,057 shares of the oil and gas company’s stock worth $9,182,000 after purchasing an additional 67,689 shares during the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

Calumet Specialty Products Partners Trading Down 0.2 %

The firm has a market capitalization of $1.28 billion, a P/E ratio of -226.57 and a beta of 1.93. The company has a 50-day moving average of $14.97 and a 200-day moving average of $15.40.

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.