Calumet (NASDAQ:CLMT) Stock Falls 8.8% – Here’s Why

Calumet, Inc. (NASDAQ:CLMT) shares traded down 8.8% on Friday. The company traded as low as $39.57 and last traded at $39.55. Approximately 1,731,017 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 1,276,709 shares. The stock had previously closed at $43.35.

Calumet News Roundup

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 Analyst Weigh In

A number of equities analysts have commented on the stock. Citigroup reaffirmed a “buy” rating on shares of Calumet in a research report on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Calumet in a research report on Wednesday. HC Wainwright lifted their target price on shares of Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. TD Cowen upped their price target on shares of Calumet from $34.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, August 12th. Finally, UBS Group upped their price target on shares of Calumet from $26.00 to $47.00 and gave the company 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Calumet has a consensus rating of “Hold” and a consensus price target of $54.75.

Calumet Stock Performance

The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -25.91, a price-to-earnings-growth ratio of 0.70 and a beta of 0.65. The business has a fifty day simple moving average of $53.54 and a 200 day simple moving average of $38.89.

Calumet (NASDAQ:CLMT) last released its quarterly earnings results on Friday, November 6th. The oil and gas company reported $2.91 EPS for the quarter, beating the consensus estimate of $1.63 by $1.28. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the company posted $3.61 earnings per share. The company’s revenue was up 56.1% on a year-over-year basis. On average, sell-side analysts forecast that Calumet, Inc. will post 1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CLMT. Two Seas Capital LP bought a new position in shares of Calumet during the second quarter worth approximately $238,442,000. BlackRock Inc. raised its position in shares of Calumet by 5.1% in 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 in the last quarter. State Street Corp boosted its stake 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 period. Bank of America Corp DE boosted its stake in shares of Calumet by 65.1% in the first quarter. Bank of America Corp DE now owns 1,153,744 shares of the oil and gas company’s stock valued at $41,419,000 after buying an additional 454,985 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Calumet during the first quarter worth approximately $14,066,000. Institutional investors and hedge funds own 34.41% of the company’s stock.

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.