Calumet (NASDAQ:CLMT) Shares Down 8.8% - Here's Why

Key Points

• Calumet shares fell 8.8% to $39.55 in Friday trading, with volume 36% above average, despite the company reporting better-than-expected third-quarter results.
• Q3 EPS of $2.91 beat the $1.63 consensus, while revenue rose 56.1% year over year to $1.68 billion. However, EPS and net income were lower than a year earlier, and Calumet reported a $139.6 million net loss for the first nine months of 2026.
• Calumet cited strong specialty-segment results, record earnings at Montana Renewables and about $265 million in debt repayment since July; meanwhile, Zacks downgraded the stock to “hold,” and analysts’ average rating is also “Hold.”

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

Trending Headlines about Calumet

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Calumet reported Q3 EPS of $2.91, topping the $1.63 consensus, while revenue rose 56.1% year over year to $1.68 billion, above the $1.34 billion estimate. Adjusted EBITDA was $322 million, or $347.2 million including tax attributes. Calumet Q3 results
• Positive Sentiment: The Specialty Products & Solutions segment generated $248.1 million of adjusted EBITDA, and Montana Renewables posted record earnings in its first full quarter since the SET2 RVO. Calumet also said it has retired approximately $265 million of debt since July, supporting its deleveraging effort. Calumet Q3 results
• Positive Sentiment: Transactions announced to support Montana Renewables include a long-term lease of certain refinery assets and a revised agreement with Warburg Pincus, intended to advance the company’s MaxSAF expansion plans. Montana Renewables transactions
• Neutral Sentiment: Management attributed the specialty segment’s strong performance partly to a favorable market and lasting industry supply-chain disruptions. Investors may look for evidence that these conditions and exceptional profitability can persist. Calumet Q3 results
• Negative Sentiment: Despite the quarterly beat, net income fell to $273.3 million from $313.4 million a year earlier, and EPS declined from $3.61 to $2.91. Calumet also recorded a $139.6 million net loss for the first nine months of 2026. Calumet Q3 results
• Negative Sentiment: Zacks Research downgraded Calumet from “strong buy” to “hold,” adding a bearish signal amid the otherwise strong earnings news. Zacks Research ratings

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup reiterated a "buy" rating on shares of Calumet in a report on Monday, August 10th. UBS Group raised their price objective on shares of Calumet from $26.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, August 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $57.00 price objective on shares of Calumet in a research report on Wednesday, October 21st. TD Cowen upped their target price on shares of Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. Finally, Zacks Research cut Calumet from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $54.75.

Calumet Trading Down 7.3%

The stock has a market cap of $3.53 billion, a P/E ratio of -25.91, a PEG ratio of 0.70 and a beta of 0.65. The company has a 50 day simple moving average of $53.54 and a 200 day simple moving average of $38.89.

Calumet (NASDAQ:CLMT - Get Free Report) last released its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 earnings per share for the quarter, topping 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 last year, the company earned $3.61 EPS. The company's revenue was up 56.1% compared to the same quarter last year. As a group, sell-side analysts expect that Calumet, Inc. will post 1.28 earnings per share for the current year.

Institutional Investors Weigh In On Calumet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLMT. Two Seas Capital LP bought a new position in Calumet during the second quarter worth about $238,442,000. Bank of America Corp DE acquired a new position in Calumet during the second quarter worth approximately $35,348,000. Renaissance Technologies LLC bought a new stake in Calumet in the first quarter valued at approximately $14,066,000. State Street Corp lifted its position in shares of Calumet by 12.7% in the second quarter. State Street Corp now owns 3,471,065 shares of the oil and gas company's stock valued at $125,028,000 after buying an additional 390,906 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Calumet in the second quarter valued at approximately $10,201,000. 34.41% of the stock is currently owned by institutional investors and hedge funds.

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.

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