HC Wainwright Has Positive Estimate for Calumet Q3 Earnings

Calumet, Inc. (NASDAQ:CLMT) – Stock analysts at HC Wainwright upped their Q3 2026 earnings per share estimates for Calumet in a research note issued to investors on Wednesday, September 2nd. HC Wainwright analyst A. Dayal now forecasts that the oil and gas company will post earnings of $0.62 per share for the quarter, up from their previous forecast of $0.60. HC Wainwright currently has a “Buy” rating and a $75.00 price target on the stock. The consensus estimate for Calumet’s current full-year earnings is $0.46 per share. HC Wainwright also issued estimates for Calumet’s Q4 2026 earnings at $0.24 EPS.

Calumet (NASDAQ:CLMT) last announced its earnings results on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($1.16). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.12 billion. The company’s quarterly revenue was up 40.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.70) EPS.

A number of other analysts also recently issued reports on CLMT. The Goldman Sachs Group raised their price target on shares of Calumet from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. TD Cowen increased their price objective on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, August 12th. Citigroup reaffirmed a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Friday, August 7th. Finally, UBS Group raised their price target on Calumet from $26.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 25th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.75.

Calumet Stock Performance

NASDAQ CLMT opened at $53.07 on Thursday. Calumet has a one year low of $16.13 and a one year high of $54.61. The stock has a 50-day moving average of $43.01 and a 200 day moving average of $35.91. The company has a market capitalization of $4.66 billion, a price-to-earnings ratio of -34.24 and a beta of 0.72.

Institutional Investors Weigh In On Calumet

Institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in Calumet in the 1st quarter worth approximately $14,066,000. Two Seas Capital LP purchased a new stake in Calumet during the 2nd quarter valued at approximately $238,442,000. BlackRock Inc. raised its position in shares of Calumet by 5.1% during the second quarter. BlackRock Inc. now owns 5,234,106 shares of the oil and gas company’s stock valued at $188,532,000 after buying an additional 253,578 shares during the last quarter. Jupiter Topco LLC purchased a new position in shares of Calumet in the second quarter worth $8,120,000. Finally, Bank of America Corp DE boosted its position in shares of Calumet by 65.1% during the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock worth $41,419,000 after acquiring an additional 454,985 shares during the last quarter. 34.41% of the stock is owned by institutional investors.

Insider Activity

In other Calumet news, Director Daniel J. Sajkowski sold 4,240 shares of the firm’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 transaction of $153,318.40. Following the sale, the director owned 77,718 shares in the company, valued at approximately $2,810,282.88. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.15% of the company’s stock.

Calumet News Roundup

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: EPA exemptions could substantially reduce costs. Calumet said the latest U.S. Environmental Protection Agency small-refinery exemptions are expected to reduce its renewable identification number (RIN) compliance liability by approximately $170 million. The savings could improve cash flow and profitability by lowering the cost of meeting federal renewable-fuel obligations. Calumet Provides Update After Latest U.S. EPA Small Refinery Exemption Decision
• Positive Sentiment: HC Wainwright raised its price target and earnings forecasts. The firm increased its CLMT target from $60 to $75 and maintained a “Buy” rating. It also lifted its projected 2026 EPS to $0.62 from $0.60 for the third quarter and to $0.24 from $0.22 for the fourth quarter. The revisions signal stronger expected operating performance and imply substantial upside from the referenced share price.
• Positive Sentiment: Montana Renewables remains a long-term growth catalyst. Calumet’s renewable fuels unit is adjusting its expansion strategy while targeting sustainable aviation fuel production capacity of up to 200 million gallons annually. Increased SAF capacity could strengthen the company’s exposure to renewable-fuel demand, although execution and capital requirements remain important considerations. Calumet’s Montana Renewables plans to raise SAF production capacity to 200M gal/year
• Neutral Sentiment: Investor visibility may increase. Calumet plans to attend the H.C. Wainwright conference, providing an opportunity to discuss its strategy, financial outlook, and renewable-fuels operations with investors. Calumet to Attend H.C. Wainwright Conference
• Neutral Sentiment: Analyst consensus remains cautious. Despite HC Wainwright’s bullish view, broader analyst coverage shows a consensus “Hold” recommendation, which could limit enthusiasm until Calumet demonstrates sustained earnings improvement.
• Negative Sentiment: Legal-investigation headlines add risk. Pomerantz LLP announced an investigation into potential claims on behalf of Calumet investors. The announcement does not establish wrongdoing, but it may create reputational and litigation uncertainty. Pomerantz Investor Alert

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.