Calumet, Inc. (CLMT)

Calumet, Inc.'s stock reached a 52-week high in January 2026, with a 32.29% total return over the preceding 12 months and a 27.27% surge in the last six months. In the third quarter of 2025, Calumet reported an EPS of -$0.21, surpassing the consensus estimate, and quarterly revenue exceeded expectations at $1.08 billion. Calumet converted from an MLP to a C-Corporation in July 2024 to broaden its investor base. In February 2025, Calumet received approximately $782 million from a $1.44 billion guaranteed loan for its Montana Renewables segment.

Calumet, Inc. experiences slower demand towards the year-end due to customers reducing inventory levels. Industrial demand has historically outpaced consumer demand. The specialty business segment has demonstrated consistent growth, overcoming seasonality through commercial programs. The company's diversified portfolio aims to mitigate the impact of demand volatility.

Calumet, Inc. specializes in manufacturing, formulating, and marketing diversified specialty hydrocarbon products and renewable fuels. The company operates in the manufacturing and refining sector, focusing on specialty chemicals and renewable energy. Calumet's business is divided into three segments: Specialty Products and Solutions, Montana/Renewables, and Performance Brands. Its products include customized lubricating oils, solvents, waxes, white oils, petrolatums, gels, and esters. The Performance Brands segment markets high-performance products under brands like Royal Purple, Bel-Ray, and TruFuel. The Montana/Renewables segment processes renewable feedstocks into renewable diesel, SAF, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha, as well as conventional fuels.

Calumet, Inc. has a significant presence across North America, operating 12 facilities in states including Louisiana, Illinois, Texas, Indiana, Pennsylvania, and Montana. Its products are distributed globally to approximately 2,700 customers in over 90 countries.

Calumet, Inc. has a reputation as a long-standing producer of high-quality specialty hydrocarbon products since 1919. The company emphasizes meeting customer needs and providing essential solutions. Its strategic pivot towards higher-margin specialty products and investment in renewable fuels have shaped its reputation. The conversion to a C-Corporation aimed to enhance its appeal to investors and improve liquidity. The company has demonstrated resilience in navigating market conditions and regulatory complexities. The expansion of SAF production capabilities further solidifies its position in the energy transition.

Institutional investors hold 47.55% of Calumet, Inc.'s shares, insider ownership is at 3.26%, and retail/other investors account for 49.19%. Major institutional shareholders include Wasserstein Debt Opportunities Management, L.p., Two Seas Capital LP, Adams Asset Advisors, LLC, BlackRock, Inc., Vanguard Group Inc, State Street Corp, and Geode Capital Management, Llc. The largest individual insider shareholders are Nicholas J. Rutigliano, Fred M. Fehsenfeld Jr., and William S. Fehsenfeld. The Heritage Group remains the largest shareholder with a 15% stake.