Calumet Specialty Products Partners (NASDAQ:CLMT) Sees Strong Trading Volume on Analyst Upgrade

Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT - Get Free Report) shares saw strong trading volume on Monday after Wells Fargo & Company raised their price target on the stock from $25.00 to $29.00. Wells Fargo & Company currently has an overweight rating on the stock. 165,373 shares were traded during mid-day trading, a decline of 54% from the previous session's volume of 362,593 shares.The stock last traded at $21.34 and had previously closed at $20.06.

CLMT has been the subject of several other reports. StockNews.com started coverage on Calumet Specialty Products Partners in a research report on Tuesday, October 15th. They set a "hold" rating for the company. TD Cowen lifted their price objective on Calumet Specialty Products Partners from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday. The Goldman Sachs Group decreased their target price on shares of Calumet Specialty Products Partners from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Finally, HC Wainwright restated a "buy" rating and set a $25.00 price target on shares of Calumet Specialty Products Partners in a report on Thursday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

Institutional Investors Weigh In On Calumet Specialty Products Partners

Several large investors have recently added to or reduced their stakes in CLMT. Future Financial Wealth Managment LLC bought a new position in shares of Calumet Specialty Products Partners during the 1st quarter worth approximately $119,000. Deuterium Capital Management LLC acquired a new stake in Calumet Specialty Products Partners in the first quarter worth $159,000. Wedbush Securities Inc. acquired a new position in shares of Calumet Specialty Products Partners during the second quarter valued at about $169,000. Mcintyre Freedman & Flynn Investment Advisers Inc. acquired a new position in shares of Calumet Specialty Products Partners during the first quarter valued at about $171,000. Finally, Sapient Capital LLC boosted its position in shares of Calumet Specialty Products Partners by 9.5% during the 2nd quarter. Sapient Capital LLC now owns 11,501 shares of the oil and gas company's stock worth $185,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 34.41% of the company's stock.

Calumet Specialty Products Partners Stock Performance

The company has a 50 day moving average price of $18.31 and a 200 day moving average price of $16.37. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -302.14 and a beta of 1.92.

Calumet Specialty Products Partners (NASDAQ:CLMT - Get Free Report) last announced its quarterly earnings data on Friday, August 9th. The oil and gas company reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.55) by $0.07. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $889.17 million. During the same period last year, the business posted ($0.19) EPS. The company's revenue was up 11.4% on a year-over-year basis. Research analysts forecast that Calumet Specialty Products Partners, L.P. will post -1.97 EPS for the current 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.