Calumet (NASDAQ:CLMT) Posts Earnings Results, Beats Expectations By $0.24 EPS

Calumet (NASDAQ:CLMT) posted its earnings results on Friday. The oil and gas company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.67) by $0.24, Zacks reports. The firm had revenue of ($3,098.50) million for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned ($0.47) earnings per share. Calumet’s revenue for the quarter was up 9.4% compared to the same quarter last year.

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

• Financial deleveraging: Calumet reported full-year adjusted EBITDA of $293.3 million (?+30% YoY), reduced restricted debt by more than $220 million, cut net recourse leverage from 8.2x to 4.9x, eliminated 2026/2027 maturities and closed the DOE loan that removes roughly $80 million of annual cash debt service.
• Operational cost and reliability gains: The company lowered fixed costs by >$40 million, reduced Montana Renewables water treatment costs by >$20 million and specialties crude transport costs (~$19 million), raised production by ~1.3 million barrels in 2025, and cut capital spending by about $20 million.
• Montana Renewables / Max SAF 150: The Max SAF 150 expansion (target ~120–150 million gallons) begins a turnaround next week, with ~100 million gallons of multiyear SAF contracts completed at roughly $1–$2/gal premiums over renewable diesel, >$90 million of PTCs monetized, and an expected project completion in Q2 with ramp into Q3.
• 2026 outlook and capital plan: Calumet forecasts 2026 CapEx of $115–$145 million (restricted group $70–$90M), $30–$40M higher due to a heavy turnaround schedule, and expects overall production to increase despite the planned outages.

Calumet Stock Performance

Shares of NASDAQ CLMT traded down $3.26 during trading on Friday, hitting $26.96. 2,680,151 shares of the company were exchanged, compared to its average volume of 1,434,647. The company has a fifty day moving average price of $22.92 and a 200-day moving average price of $19.82. The firm has a market capitalization of $2.34 billion, a PE ratio of -62.70 and a beta of 1.24. Calumet has a 12-month low of $7.68 and a 12-month high of $30.35.

Key Headlines Impacting Calumet

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Q4 EPS beat — Calumet reported GAAP EPS of ($0.43) vs. consensus ($0.67), reducing downside surprise and supporting near?term sentiment. Q4 2025 Results
• Positive Sentiment: FY2025 operational / cash?flow improvements — management highlighted Adjusted EBITDA with tax attributes of $293.3M, ~$222M of recourse debt reduction, ~ $100M of cost savings driving free cash flow, and a Montana Renewables expansion on track for Q2 2026; these items materially lower financial risk and support valuation upside longer term. FY2025 Results & Commentary
• Neutral Sentiment: Analyst / preview coverage mixed — several firms updated targets and ratings (Goldman raised its PT; others remain hold/neutral), and the consensus price target (~$22.83) is below the recent trading level, leaving sentiment conflicted. Analyst Coverage Summary
• Negative Sentiment: Insider selling — Director Daniel J. Sajkowski disclosed multiple recent sales (including a recent 2,000?share tranche and several 20k tranches earlier), materially trimming his stake; visible insider sales often weigh on investor confidence. Insider Trades Report
• Negative Sentiment: Rising short interest — short positions climbed in February to roughly 6.97M shares (~8.4% of float) with a ~4.4 days?to?cover, increasing the potential for continued selling pressure and intraday volatility. Short Interest Data

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. TD Cowen restated a “hold” rating on shares of Calumet in a research note on Thursday, January 29th. Wall Street Zen downgraded Calumet from a “buy” rating to a “hold” rating in a research note on Sunday, December 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research report on Monday, December 29th. The Goldman Sachs Group lifted their target price on shares of Calumet from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of Calumet in a research report on Monday, November 10th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Calumet currently has an average rating of “Hold” and an average target price of $22.83.

Institutional Trading of Calumet

Institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd raised its holdings in 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 valued at $33,000 after buying an additional 1,229 shares during the period. Global Retirement Partners LLC acquired a new position in Calumet during the fourth quarter worth $34,000. Advisory Services Network LLC acquired a new position in Calumet during the third quarter worth $59,000. Russell Investments Group Ltd. boosted its position in shares of Calumet by 1,287.0% during the third quarter. Russell Investments Group Ltd. now owns 6,172 shares of the oil and gas company’s stock worth $113,000 after buying an additional 5,727 shares during the period. Finally, Millennium Management LLC boosted its position 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 worth $276,000 after buying an additional 83,844 shares during the period. Hedge funds and other institutional investors 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.