Calumet (NASDAQ:CLMT) Announces Earnings Results

Calumet (NASDAQ:CLMT) issued its earnings results on Friday. The oil and gas company reported ($1.09) EPS for the quarter, missing the consensus estimate of $0.07 by ($1.16), FiscalAI reports. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the firm posted ($1.70) EPS. The company’s quarterly 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 Trading Down 5.7%

NASDAQ:CLMT opened at $39.48 on Friday. The firm has a market capitalization of $3.44 billion, a PE ratio of -18.28 and a beta of 0.71. The stock has a 50 day moving average of $37.98 and a 200-day moving average of $32.63. Calumet has a 52 week low of $12.94 and a 52 week high of $45.20.

Key Stories Impacting Calumet

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Calumet reported second-quarter adjusted EBITDA with tax attributes of $175.2 million, more than double the $76.5 million recorded a year earlier. Specialty Products and Solutions was the primary driver, with adjusted EBITDA rising to $161.7 million from $66.8 million as favorable margins and operational execution supported results. Calumet Reports Second Quarter 2026 Results
• Positive Sentiment: Management said Montana Renewables completed the first phase of its MaxSAF® 150 expansion and is capturing robust renewable-fuel margins. The company also retired $115 million of debt in July, reinforcing its deleveraging strategy and potentially improving future financial flexibility. Calumet Q2 2026 Earnings Call Transcript
• Neutral Sentiment: Revenue increased 40.8% year over year to $1.45 billion, exceeding the $1.12 billion analyst estimate. However, the revenue beat was driven primarily by the company’s broader operating performance and does not offset the bottom-line loss for investors focused on earnings.
• Neutral Sentiment: Brokerages maintain a consensus “Hold” recommendation on CLMT, suggesting analysts see a balance between the company’s improved operating trends and ongoing earnings, leverage and renewable-segment risks. Calumet Given Consensus Hold Recommendation
• Negative Sentiment: Calumet posted a second-quarter net loss of $95.9 million, or $1.09 per share, compared with analysts’ expectation of $0.07 per share in earnings. The loss was attributed largely to non-cash RIN and other mark-to-market items, but the sizable EPS miss is likely weighing on the stock.
• Negative Sentiment: Net loss for the first half of 2026 widened to $412.9 million from $309.9 million a year earlier, and management continues to operate in a challenging renewable-fuels environment despite improved adjusted results.

Insider Buying and Selling

In related news, major shareholder Group Heritage sold 626,998 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $32.54, for a total value of $20,402,514.92. Following the sale, the insider owned 12,980,211 shares of the company’s stock, valued at approximately $422,376,065.94. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Sajkowski sold 4,240 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $36.16, for a total value of $153,318.40. Following the transaction, the director owned 77,718 shares of the company’s stock, valued at $2,810,282.88. This represents a 5.17% decrease in their position. The SEC filing for this sale provides additional information. 3.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calumet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd increased its holdings in shares of Calumet by 294.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,646 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 1,229 shares during the period. Global Retirement Partners LLC acquired a new position in Calumet during the 4th quarter valued at about $34,000. Advisory Services Network LLC bought a new position in Calumet in the 3rd quarter worth about $59,000. Russell Investments Group Ltd. grew its position in Calumet by 1,287.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,172 shares of the oil and gas company’s stock worth $113,000 after purchasing an additional 5,727 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Calumet in the second quarter valued at approximately $230,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

Analyst Ratings Changes

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

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.