Calumet (NASDAQ:CLMT) Issues Earnings Results

Key Points

• Calumet missed earnings expectations badly, reporting EPS of ($3.64) versus the consensus estimate of ($0.57), though quarterly revenue of $1.03 billion slightly topped expectations and rose 3.6% year over year.
• Management said EPA Set 2 RVO rules and commodity disruptions have improved biofuel spreads, boosting the outlook for Montana Renewables, fuels margins, and future cash generation/deleveraging.
• An unexpected Shreveport operational issue caused about 750,000 barrels of lost production and more than $30 million in lost opportunity, but the plant has since been repaired and is back running at about 50,000 bpd.

Calumet (NASDAQ:CLMT - Get Free Report) issued its earnings results on Friday. The oil and gas company reported ($3.64) EPS for the quarter, missing analysts' consensus estimates of ($0.57) by ($3.07), FiscalAI reports. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1 billion. Calumet's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.87) EPS.

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

• EPA's Set 2 RVO and current commodity disruptions have created sharply higher spreads, resetting the outlook for biofuels and providing strong tailwinds for Montana Renewables and fuels margins.
• Calumet reported $50.1 million Adjusted EBITDA in Q1 2026, highlighted MRL EBITDA improvement and the on-time, on-budget MaxSAF 150 expansion, and expects these dynamics plus ~$1–$2/gal SAF premiums to accelerate cash generation and deleveraging; management has also hedged roughly 25% of fuels production for 2026–27 to de-risk cash flow.
• An operational issue at Shreveport from unexpected organic chlorides caused ~750,000 barrels of lost production and over $30 million of lost opportunity in the quarter, though the plant has been repaired, is running ~50,000 bpd, and additional sampling/controls were installed.
• The commercial team pushed through more than 20 price increases to offset rapid feedstock inflation, supporting ~ $54/ barrel specialty margins this quarter and record TruFuel volumes, with management expecting further benefit in Q2.

Calumet Stock Down 7.3%

Shares of Calumet stock traded down $2.53 during midday trading on Friday, hitting $32.08. The company had a trading volume of 2,215,753 shares, compared to its average volume of 1,005,372. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -82.25 and a beta of 0.72. The company has a fifty day simple moving average of $31.43 and a 200 day simple moving average of $24.72. Calumet has a 12-month low of $11.80 and a 12-month high of $36.94.

Insider Activity at Calumet

In related news, Director Daniel J. Sajkowski sold 3,310 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $34.46, for a total value of $114,062.60. Following the completion of the transaction, the director directly owned 81,958 shares of the company's stock, valued at $2,824,272.68. This trade represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Calumet

A number of large investors have recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of Calumet by 13.6% during the fourth quarter. Invesco Ltd. now owns 123,607 shares of the oil and gas company's stock valued at $2,456,000 after buying an additional 14,769 shares during the last quarter. Numerai GP LLC purchased a new stake in shares of Calumet during the fourth quarter valued at $620,000. Millennium Management LLC grew its holdings in shares of Calumet by 119.9% during the fourth quarter. Millennium Management LLC now owns 13,902 shares of the oil and gas company's stock valued at $276,000 after buying an additional 83,844 shares during the last quarter. Trexquant Investment LP grew its holdings in shares of Calumet by 45.5% during the fourth quarter. Trexquant Investment LP now owns 265,637 shares of the oil and gas company's stock valued at $5,278,000 after buying an additional 83,093 shares during the last quarter. Finally, Laurion Capital Management LP purchased a new stake in shares of Calumet during the fourth quarter valued at $748,000. 34.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. HC Wainwright increased their price objective on shares of Calumet from $33.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, March 30th. UBS Group reiterated a "neutral" rating and set a $26.00 price objective on shares of Calumet in a research note on Friday, February 13th. The Goldman Sachs Group downgraded shares of Calumet from a "buy" rating to a "neutral" rating and set a $36.00 price objective on the stock. in a research note on Friday, April 24th. Finally, TD Cowen increased their price objective on shares of Calumet from $19.00 to $25.00 and gave the company a "hold" rating in a research note on Thursday, March 5th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Calumet presently has a consensus rating of "Hold" and a consensus price target of $30.50.

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.

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