Calumet, Inc. (NASDAQ:CLMT) Sees Large Decrease in Short Interest

Calumet, Inc. (NASDAQ:CLMT) saw a large decline in short interest in the month of February. As of February 27th, there was short interest totaling 5,441,750 shares, a decline of 21.9% from the February 12th total of 6,970,191 shares. Based on an average trading volume of 1,328,374 shares, the days-to-cover ratio is currently 4.1 days. Approximately 6.5% of the shares of the company are short sold. Approximately 6.5% of the shares of the company are short sold. Based on an average trading volume of 1,328,374 shares, the days-to-cover ratio is currently 4.1 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Calumet from $24.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group reaffirmed a “neutral” rating and issued a $26.00 price target on shares of Calumet in a research note on Friday, February 13th. Wall Street Zen cut shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. TD Cowen raised their price objective on shares of Calumet from $19.00 to $25.00 and gave the company a “hold” rating in a research note on Thursday, March 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Calumet has a consensus rating of “Hold” and a consensus target price of $25.67.

Calumet Trading Down 0.5%

Shares of NASDAQ CLMT traded down $0.15 during midday trading on Friday, reaching $28.59. The company’s stock had a trading volume of 829,982 shares, compared to its average volume of 1,492,579. Calumet has a one year low of $7.68 and a one year high of $31.41. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -73.31 and a beta of 1.18. The company has a 50 day moving average price of $24.90 and a 200 day moving average price of $20.97.

Calumet (NASDAQ:CLMT) last issued its earnings results on Friday, February 27th. The oil and gas company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.24. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.04 billion. The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.47) earnings per share. Research analysts anticipate that Calumet will post -3.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Calumet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tulsa Wealth Advisors INC acquired a new stake in Calumet during the 4th quarter worth about $212,000. Invesco Ltd. increased its position in shares of Calumet by 13.6% in the fourth quarter. Invesco Ltd. now owns 123,607 shares of the oil and gas company’s stock worth $2,456,000 after acquiring an additional 14,769 shares in the last quarter. Numerai GP LLC acquired a new stake in shares of Calumet during the fourth quarter valued at approximately $620,000. Millennium Management LLC lifted its position in shares of Calumet by 119.9% in the 4th quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company’s stock valued at $276,000 after acquiring an additional 83,844 shares in the last quarter. Finally, Trexquant Investment LP lifted its position in shares of Calumet by 45.5% in the 4th quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company’s stock valued at $5,278,000 after acquiring an additional 83,093 shares in the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is an independent provider of high-value, essential product solutions derived from both petroleum and renewable feedstocks. The company operates an integrated network of manufacturing plants, blending terminals and storage facilities across North America, delivering customized products and technical services to industrial, automotive, consumer and agricultural end markets. By leveraging its scale and technical expertise, Calumet tailors supply chain and formulation solutions to meet stringent regulatory and performance requirements.

Calumet’s product portfolio includes specialty lubricants and base oils for high-performance applications; process oils and waxes for food-grade, cosmetic and packaging uses; industrial solvents and cleaning solutions; and fuel additives designed to optimize engine performance and emissions.