Calumet (NASDAQ:CLMT) Stock Falls 8.8% – What’s Next?

Calumet, Inc. (NASDAQ:CLMT) dropped 8.8% on Friday. The stock traded as low as $39.57 and last traded at $39.55. Approximately 1,731,017 shares changed hands during mid-day trading, an increase of 36% from the average session volume of 1,276,709 shares. The stock had previously closed at $43.35.

Key Calumet News

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Q3 revenue rose 56.1% year over year to $1.68 billion, ahead of the $1.34 billion estimate. EPS of $2.91 also topped the $1.63 consensus. Adjusted EBITDA with tax attributes increased to $347.2 million from $92.5 million a year earlier. Calumet Reports Third Quarter 2026 Results
• Positive Sentiment: Specialty Products & Solutions generated $248.1 million in adjusted EBITDA, benefiting from a strong market and supply-chain disruptions. Montana Renewables also reported record earnings in its first full quarter of operations since the SET2 RVO, supporting the company’s renewables growth story. Calumet Q3 2026: Specialty Shortage Fuels a Blowout Quarter
• Positive Sentiment: Calumet said it has retired approximately $265 million of debt since July, accelerating deleveraging. Recent lease and agreement changes are intended to support Montana Renewables and the MaxSAF expansion. Calumet Announces CMR Asset Lease Details and Revised Agreement with Warburg Pincus
• Negative Sentiment: Reported EPS was below the $3.61 recorded in Q3 2025, and Zacks Research recently cut its rating from “strong-buy” to “hold.” Those factors may temper the reaction to the estimate-beating quarter. Zacks Research ratings

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Zacks Research downgraded shares of Calumet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 3rd. TD Cowen upped their price target on shares of Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, August 12th. UBS Group increased their price target on Calumet from $26.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, August 25th. HC Wainwright raised their price objective on Calumet from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $54.75.

Calumet Price Performance

The business’s 50-day moving average price is $53.42 and its 200 day moving average price is $38.99. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of -17.62, a PEG ratio of 0.63 and a beta of 0.65.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $1.28. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the business posted $3.61 earnings per share. Calumet’s revenue for the quarter was up 56.1% on a year-over-year basis. As a group, sell-side analysts expect that Calumet, Inc. will post 1.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Jefferies Financial Group Inc. acquired a new position in Calumet in the third quarter valued at approximately $714,000. O Brien Greene & Co. Inc bought a new stake in shares of Calumet in the 3rd quarter worth approximately $602,000. Optimist Retirement Group LLC acquired a new position in Calumet during the 3rd quarter valued at approximately $443,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Calumet during the 3rd quarter valued at approximately $210,000. Finally, Sterling Capital Management LLC grew its stake in Calumet by 282.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,045 shares of the oil and gas company’s stock worth $107,000 after buying an additional 1,510 shares during the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

About Calumet

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.