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 activity on Wednesday. Investors bought 32,005 call options on the stock. This represents an increase of 442% compared to the average daily volume of 5,902 call options.

Insiders Place Their Bets

In related news, Director Jennifer Straumins sold 100,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $20.59, for a total value 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. This represents a 6.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wedbush Securities Inc. bought a new position in shares of Calumet Specialty Products Partners in the second quarter worth about $169,000. Founders Financial Alliance LLC raised its stake in 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 valued at $777,000 after purchasing an additional 3,750 shares during the period. DRW Securities LLC bought a new stake in Calumet Specialty Products Partners during the 2nd quarter valued at approximately $898,000. Finally, Creative Planning raised its stake in 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 valued at $1,002,000 after purchasing an additional 19,800 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Calumet Specialty Products Partners Trading Up 0.3 %

Shares of NASDAQ:CLMT opened at $21.38 on Thursday. The stock has a market cap of $1.84 billion, a PE ratio of -7.75 and a beta of 1.90. Calumet Specialty Products Partners has a 1-year low of $9.97 and a 1-year high of $25.29. The stock’s fifty day simple moving average is $21.38 and its two-hundred day simple moving average is $18.61.

Calumet Specialty Products Partners (NASDAQ:CLMT) last issued 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 firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $888.36 million. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period last year, the firm earned $0.03 earnings per share. On average, sell-side analysts forecast that Calumet Specialty Products Partners will post -2.87 earnings per share for the current fiscal 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.