Calumet (NASDAQ:CLMT) Announces Quarterly Earnings Results

Calumet (NASDAQ:CLMT) issued its quarterly earnings data on Friday. The oil and gas company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.24, Zacks reports. The firm had revenue of ($3,098.50) million during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the firm posted ($0.47) EPS. Calumet’s quarterly revenue was up 9.4% compared to the same quarter last year.

Here are the key takeaways from Calumet’s conference call:

• Financial deleveraging: Calumet reported full-year adjusted EBITDA of $293.3 million (≈+30% YoY), reduced restricted debt by more than $220 million, cut net recourse leverage from 8.2x to 4.9x, eliminated 2026/2027 maturities and closed the DOE loan that removes roughly $80 million of annual cash debt service.
• Operational cost and reliability gains: The company lowered fixed costs by >$40 million, reduced Montana Renewables water treatment costs by >$20 million and specialties crude transport costs (~$19 million), raised production by ~1.3 million barrels in 2025, and cut capital spending by about $20 million.
• Montana Renewables / Max SAF 150: The Max SAF 150 expansion (target ~120–150 million gallons) begins a turnaround next week, with ~100 million gallons of multiyear SAF contracts completed at roughly $1–$2/gal premiums over renewable diesel, >$90 million of PTCs monetized, and an expected project completion in Q2 with ramp into Q3.
• 2026 outlook and capital plan: Calumet forecasts 2026 CapEx of $115–$145 million (restricted group $70–$90M), $30–$40M higher due to a heavy turnaround schedule, and expects overall production to increase despite the planned outages.

Calumet Price Performance

CLMT traded down $3.26 during trading on Friday, hitting $26.96. The company had a trading volume of 2,680,151 shares, compared to its average volume of 1,434,647. The company has a market cap of $2.34 billion, a PE ratio of -62.70 and a beta of 1.24. The business has a 50-day moving average of $22.92 and a 200-day moving average of $19.82. Calumet has a 1-year low of $7.68 and a 1-year high of $30.35.

Analyst Ratings Changes

CLMT has been the subject of several analyst reports. The Goldman Sachs Group upped their price objective on Calumet from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, January 30th. UBS Group reiterated a “neutral” rating and set a $26.00 target price on shares of Calumet in a research report on Friday, February 13th. TD Cowen reiterated a “hold” rating on shares of Calumet in a research report on Thursday, January 29th. Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of Calumet in a report on Monday, November 10th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.83.

Key Calumet News

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Q4 EPS beat — Calumet reported GAAP EPS of ($0.43) vs. consensus ($0.67), reducing downside surprise and supporting near‑term sentiment. Q4 2025 Results
• Positive Sentiment: FY2025 operational / cash‑flow improvements — management highlighted Adjusted EBITDA with tax attributes of $293.3M, ~$222M of recourse debt reduction, ~ $100M of cost savings driving free cash flow, and a Montana Renewables expansion on track for Q2 2026; these items materially lower financial risk and support valuation upside longer term. FY2025 Results & Commentary
• Neutral Sentiment: Analyst / preview coverage mixed — several firms updated targets and ratings (Goldman raised its PT; others remain hold/neutral), and the consensus price target (~$22.83) is below the recent trading level, leaving sentiment conflicted. Analyst Coverage Summary
• Negative Sentiment: Insider selling — Director Daniel J. Sajkowski disclosed multiple recent sales (including a recent 2,000‑share tranche and several 20k tranches earlier), materially trimming his stake; visible insider sales often weigh on investor confidence. Insider Trades Report
• Negative Sentiment: Rising short interest — short positions climbed in February to roughly 6.97M shares (~8.4% of float) with a ~4.4 days‑to‑cover, increasing the potential for continued selling pressure and intraday volatility. Short Interest Data

Institutional Investors Weigh In On Calumet

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP grew its stake in Calumet by 35.8% during the 3rd quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock worth $16,268,000 after buying an additional 234,766 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Calumet by 3.4% during the second quarter. Bank of America Corp DE now owns 609,307 shares of the oil and gas company’s stock valued at $9,600,000 after purchasing an additional 20,110 shares in the last quarter. Mariner LLC raised its stake in shares of Calumet by 959.6% during the third quarter. Mariner LLC now owns 369,408 shares of the oil and gas company’s stock valued at $6,742,000 after purchasing an additional 334,544 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Calumet by 128.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company’s stock worth $6,917,000 after purchasing an additional 195,627 shares during the period. Finally, BNP Paribas Financial Markets grew its position in Calumet by 3.4% in the 4th quarter. BNP Paribas Financial Markets now owns 290,729 shares of the oil and gas company’s stock valued at $5,777,000 after buying an additional 9,605 shares in the last quarter. Institutional investors 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.