Calumet (NASDAQ:CLMT) Issues Quarterly Earnings Results, Misses Estimates By $1.16 EPS

Calumet (NASDAQ:CLMT) released its quarterly earnings results on Friday. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16), FiscalAI reports. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the business posted ($1.70) EPS. The business’s revenue was up 40.8% compared to the same quarter last year.

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

• Adjusted EBITDA reached $175 million in Q2, supported by strong performance across Specialties and Montana Renewables, while cash flow from operations exceeded $90 million despite a $70 million working-capital build.
• Calumet’s restricted-group leverage ratio fell below 4x, with management expecting it to surpass 3x next quarter after calling $100 million of notes and repurchasing $115 million of truck-rack sale-leaseback debt.
• Specialty Products and Solutions generated $161.7 million of Adjusted EBITDA, more than double the prior year, benefiting from pricing actions, record production, elevated fuel margins, and structurally tight global base-oil markets.
• Montana Renewables is expected to contribute materially more in the second half after completing the first MaxSAF 150 phase; management targets an 80–100 million gallon SAF run rate by year-end, 120–150 million by spring 2027, and up to 200 million by 2028 through a lower-cost reactor reconfiguration.
• Performance Brands’ Adjusted EBITDA declined to $6.3 million as rapidly rising input costs outpaced pricing actions and created a $7 million LIFO-related headwind, although management characterized the weakness as timing-related and expects recovery as pricing catches up.

Calumet Stock Down 5.7%

Calumet stock opened at $39.48 on Friday. Calumet has a twelve month low of $12.94 and a twelve month high of $45.20. The firm has a 50 day moving average price of $37.98 and a 200-day moving average price of $32.63. The company has a market capitalization of $3.44 billion, a P/E ratio of -25.47 and a beta of 0.71.

Wall Street Analyst Weigh In

CLMT has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their target price on shares of Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Finally, TD Cowen reiterated a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.75.

Insider Buying and Selling

In related news, major shareholder Group Heritage sold 626,998 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the transaction, the insider owned 12,980,211 shares in the company, valued at approximately $422,376,065.94. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director directly owned 77,718 shares of the company’s stock, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 3.15% of the company’s stock.

Institutional Investors Weigh In On Calumet

Institutional investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd increased its stake in shares of Calumet by 294.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,229 shares in the last quarter. Global Retirement Partners LLC bought a new position in Calumet in the 4th quarter worth approximately $34,000. Intech Investment Management LLC grew its stake in Calumet by 10.3% in the 4th quarter. Intech Investment Management LLC now owns 21,957 shares of the oil and gas company’s stock valued at $436,000 after buying an additional 2,047 shares in the last quarter. Deutsche Bank AG grew its stake in Calumet by 4.0% in the 4th quarter. Deutsche Bank AG now owns 54,996 shares of the oil and gas company’s stock valued at $1,093,000 after buying an additional 2,112 shares in the last quarter. Finally, Swiss National Bank raised its holdings in Calumet by 1.9% during the 4th quarter. Swiss National Bank now owns 136,900 shares of the oil and gas company’s stock valued at $2,720,000 after acquiring an additional 2,500 shares during the period. 34.41% of the stock is owned by hedge funds and other institutional investors.

Calumet Company Profile

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.