Calumet, Inc. (CLMT)

Calumet's stock has been impacted by several key events in the past six months. In November 2025, Calumet reported strong third-quarter results but also announced a restatement of its financial statements for the first and second quarters of 2025. In January 2026, Calumet completed an upsized private placement of Senior Notes, which addressed debt maturities and provided financial runway for the Montana Renewables MaxSAF project. The MaxSAF-150 project is anticipated to begin operations in the first half of 2026 and is expected to significantly increase sustainable aviation fuel production. In December 2025, the stock price crossed above its two hundred day moving average, though Wall Street Zen downgraded the stock to a "Hold" rating. Earlier, in October 2025, Goldman Sachs Group raised its target price for Calumet to $20.00 and issued a "buy" rating.

Demand for Calumet's products and services exhibits seasonality. Asphalt demand is typically lower in the first and fourth quarters, while demand for gasoline and diesel generally peaks during the summer months. The company's Montana Renewables (MRL) asphalt plant is particularly seasonal, with the first quarter usually seeing breakeven results that improve in the spring and accelerate into the summer paving season. Natural gas costs, which impact operations, can be higher during winter months.

Calumet, Inc. is a U.S.-based company specializing in the manufacturing, formulation, and marketing of specialty hydrocarbon products and renewable fuels, operating primarily in the specialty chemicals and fuels industry. The company processes crude oil and other feedstocks to produce customized lubricating oils, solvents, waxes, synthetic lubricants, and other specialty products, as well as traditional fuels like gasoline, diesel, jet fuel, and asphalt. A significant part of its business is the Montana Renewables segment, which focuses on producing renewable diesel, sustainable aviation fuel (SAF), and other renewable products. Calumet markets its products under brands like Royal Purple, Bel-Ray, and TruFuel.

Calumet, Inc. is headquartered in Indianapolis, Indiana, and operates 12 production, blending, and packaging facilities across North America, located in various U.S. states. The company's products are distributed globally to approximately 2,700 to 3,000 customers in over 90 countries.

Calumet's brand reputation has been shaped by its strategic shift towards renewable fuels and its financial performance. The company is seen as committed to sustainability and innovation, particularly with its Montana Renewables LLC. However, the company faced a challenge with the restatement of its financial statements for Q1 and Q2 2025 and reported a net loss for 2024, with preliminary 2025 guidance indicating a net loss. The company's news sentiment score was lower than the energy sector average, suggesting a mixed public perception.

Calumet, Inc. has significant institutional ownership, with 264 institutional owners holding 40% of the company's shares. Major institutional shareholders include Wasserstein Debt Opportunities Management, L.p., Two Seas Capital LP, Adams Asset Advisors, LLC, BlackRock, Inc., Vanguard Group Inc, and The Heritage Group. Individual and insider ownership is also substantial, with Nicholas J. Rutigliano, Fred M. Fehsenfeld Jr., William S. Fehsenfeld, and Ferdinand William Grube listed among the largest individual shareholders. Insiders collectively own a high percentage of the company's shares.