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

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

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%

Shares of CLMT stock traded down $2.40 during trading hours on Friday, hitting $39.48. 2,260,759 shares of the company’s stock traded hands, compared to its average volume of 1,211,422. The stock has a market cap of $3.44 billion, a PE ratio of -18.28 and a beta of 0.71. The stock’s 50 day simple moving average is $37.98 and its 200 day simple moving average is $32.63. Calumet has a 12 month low of $12.94 and a 12 month high of $45.20.

Insiders Place Their Bets

In other Calumet news, major shareholder Group Heritage sold 626,998 shares of Calumet stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $32.54, for a total transaction of $20,402,514.92. Following the transaction, the insider directly owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Sajkowski sold 4,240 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the sale, the director owned 77,718 shares in the company, valued at $2,810,282.88. This trade represents a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.15% of the company’s stock.

Institutional Trading of Calumet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mariner LLC boosted its position in shares of Calumet by 959.6% during the 3rd 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. Marshall Wace LLP lifted its stake in Calumet by 35.8% in the third quarter. Marshall Wace LLP now owns 891,390 shares of the oil and gas company’s stock valued at $16,268,000 after buying an additional 234,766 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Calumet by 128.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 348,115 shares of the oil and gas company’s stock worth $6,917,000 after buying an additional 195,627 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Calumet by 18,512.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 183,890 shares of the oil and gas company’s stock worth $2,897,000 after buying an additional 182,902 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Calumet during the 3rd quarter worth approximately $2,854,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CLMT. TD Cowen reissued a “hold” rating on shares of Calumet in a report on Wednesday, June 3rd. The Goldman Sachs Group upped their target price on Calumet from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised Calumet from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $37.75.

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.