Calumet (NASDAQ:CLMT) Releases Quarterly Earnings Results, Misses Expectations By $1.16 EPS

Calumet (NASDAQ:CLMT) posted its quarterly earnings data on Friday. The oil and gas company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($1.16), FiscalAI reports. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the business posted ($1.70) EPS. The firm’s revenue for the quarter was up 40.8% compared to the same quarter last year.

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 Performance

Shares of CLMT stock traded down $2.40 during trading hours on Friday, hitting $39.48. 2,260,759 shares of the company were exchanged, compared to its average volume of 1,211,422. The company has a 50 day simple moving average of $37.98 and a two-hundred day simple moving average of $32.63. The firm has a market cap of $3.44 billion, a P/E ratio of -18.28 and a beta of 0.71. Calumet has a fifty-two week low of $12.94 and a fifty-two week high of $45.20.

Analysts Set New Price Targets

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

Insider Activity

In related news, major shareholder Group Heritage sold 626,998 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 12,980,211 shares of the company’s stock, valued at $422,376,065.94. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel J. Sajkowski sold 4,240 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $36.16, for a total value of $153,318.40. Following the completion of the transaction, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. The trade was a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.15% of the company’s stock.

Institutional Investors Weigh In On Calumet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc boosted its stake in Calumet by 36.6% during the 2nd quarter. Legal & General Group Plc now owns 72,143 shares of the oil and gas company’s stock valued at $1,137,000 after purchasing an additional 19,322 shares during the last quarter. New York State Common Retirement Fund bought a new position in shares of Calumet in the second quarter valued at approximately $343,000. Quantbot Technologies LP bought a new position in shares of Calumet in the second quarter valued at approximately $241,000. Invesco Ltd. boosted its position in shares of Calumet by 514.8% during the second quarter. Invesco Ltd. now owns 94,642 shares of the oil and gas company’s stock valued at $1,491,000 after buying an additional 79,247 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Calumet by 199.9% during the second quarter. The Manufacturers Life Insurance Company now owns 34,551 shares of the oil and gas company’s stock valued at $544,000 after buying an additional 23,031 shares during the last quarter. Institutional investors and hedge funds own 34.41% of the company’s stock.

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.