Calumet (NASDAQ:CLMT) Posts Quarterly Earnings Results, Beats Estimates By $0.24 EPS

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

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 Trading Down 10.8%

Shares of CLMT traded down $3.26 during midday trading on Friday, hitting $26.96. The stock had a trading volume of 2,680,151 shares, compared to its average volume of 1,434,647. The business has a 50-day simple moving average of $22.92 and a two-hundred day simple moving average of $19.82. The firm has a market cap of $2.34 billion, a P/E ratio of -62.70 and a beta of 1.24. Calumet has a fifty-two week low of $7.68 and a fifty-two week high of $30.35.

Calumet News Roundup

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

Hedge Funds Weigh In On Calumet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings 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 valued at $2,456,000 after purchasing an additional 14,769 shares in the last quarter. Numerai GP LLC acquired a new position in Calumet during the fourth quarter valued at $620,000. Millennium Management LLC lifted its stake in Calumet by 119.9% in the 4th quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company’s stock worth $276,000 after acquiring an additional 83,844 shares in the last quarter. Trexquant Investment LP boosted its position in Calumet by 45.5% during the 4th quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company’s stock worth $5,278,000 after acquiring an additional 83,093 shares during the period. Finally, Laurion Capital Management LP purchased a new position in Calumet during the 4th quarter valued at about $748,000. 34.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Zacks Research upgraded Calumet from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. UBS Group reaffirmed a “neutral” rating and set a $26.00 target price on shares of Calumet in a report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a report on Monday, December 29th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Calumet in a research note on Monday, November 10th. Finally, Wall Street Zen downgraded shares of Calumet from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Calumet currently has a consensus rating of “Hold” and an average target price of $22.83.

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.