Calumet, Inc. (CLMT)

Over the past six months, Calumet's stock price has increased significantly, but decreased in the past month. Key events impacting the stock include the conversion to a C-Corporation, debt reduction and asset sales, Montana Renewables performance and the regulatory environment, strong Q2 2025 earnings, and the launch of MaxSAF Blended.

Demand seasonality for Calumet, Inc.'s products and services is influenced by various factors. The Montana specialty asphalt plant is highly seasonal, being most dependent on wholesale asphalt and local gas demand. The Performance Brands segment, particularly the TruFuel brand, can be affected by the outdoor lawn and garden season. The demand for renewable fuel products is anticipated to remain strong, driven by an increased focus on domestic fuel production, corporate decarbonization targets, and governmental mandates.

Calumet, Inc. is an independent producer of specialty hydrocarbon products and renewable fuels, operating in the Energy Minerals sector. The company transitioned from an MLP to a C-Corporation on July 10, 2024. Calumet's business is organized into three segments: Specialty Products and Solutions, Performance Brands, and Montana Renewables.

Calumet, Inc. is headquartered in Indianapolis, Indiana, and operates 12 specialty product manufacturing and production facilities throughout North America. The company's facilities are primarily located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey, and eastern Missouri. Calumet derives approximately 90% of its revenues from the U.S. Its products and services are available in approximately 52 countries globally, serving around 4,400 customers.

Calumet's brand reputation is characterized by its strategic shift towards higher-margin specialty products and renewable fuels, and its ability to navigate challenging market conditions. Events affecting its reputation include operational challenges at Montana Renewables, regulatory uncertainties, strategic conversion and debt reduction, and strong performance in specialty products.

Institutional investors hold a significant portion of Calumet, Inc., with approximately 40% to 51.52% ownership. Individual investors hold a 27% stake, while insiders and management hold about 5% of the shares. The Heritage Group is the largest shareholder with 16% of shares outstanding.