Calumet Specialty Products
CLMT
Market cap $1.63B

18.98 USD

+1.32

7.47%

At close Oct 3, 4:00 PM EDT

Pre-market

19.65

+0.67

3.53%

1 day

7.47%

5 days

10.74%

1 month

9.21%

3 months

18.63%

6 months

24.62%

Year to date

8.15%

1 year

3.94%

5 years

471.69%

About: Calumet Inc is a producer of specialty products, including base oils, specialty oils, solvents, esters, and waxes, as well as a variety of fuel and fuel-related products, including asphalt and heavy fuel oils. The company manufactures, formulates, and markets a variety of specialty branded products to customers in various consumer-facing and industrial markets.

Employees: 1,580

Energy Petroleum Refining

0

Funds holding %

of 6,728 funds

0

Analysts bullish %

of 3 analysts

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

108% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 12

12% more capital invested

Capital invested by funds: $342M [Q1] → $382M (+$39.4M) [Q2]

0.87% more ownership

Funds ownership: 28.72% [Q1] → 29.59% (+0.87%) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 5 [Q1] → 5 (+0) [Q2]

12% less funds holding

Funds holding: 77 [Q1] → 68 (-9) [Q2]

38% less call options, than puts

Call options by funds: $16.3M | Put options by funds: $26.4M

50% less first-time investments, than exits

New positions opened: 9 | Existing positions closed: 18

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Research analyst outlook

3 Wall Street Analysts provided 1 year price targets over the past 3 months

Low target

$15

21%

downside

Avg. target

$19.33

2%

upside

High target

$25

32%

upside

3 analyst ratings

3 positive

100%

0 neutral

0%

0 negative

0%

HC Wainwright & Co. Amit Dayal 50% 1-year accuracy 35 / 70 met price target	32%upside $25	Buy Reiterated	12 Aug 2024
TD Cowen Jason Gabelman 56% 1-year accuracy 9 / 16 met price target	5%downside $18	Buy Maintained	12 Aug 2024
Goldman Sachs Neil Mehta 57% 1-year accuracy 12 / 21 met price target	21%downside $15	Buy Maintained	5 Aug 2024

See Analyst Rankings

Financial journalist opinion

Based on 3 articles about CLMT published over the past 30 days

Calumet Announces New Funding Agreement with Stonebriar

INDIANAPOLIS , Oct. 3, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today a series of related agreements with Stonebriar Commercial Finance LLC ("Stonebriar"). Our restricted subsidiary Calumet Montana Refining, LLC ("CMR") entered into a new agreement with Stonebriar in which CMR sold certain of its assets to Stonebriar for $150 million and leased back the same assets ("CMR Funding Agreement").

Calumet Announces New Funding Agreement with Stonebriar

Montana Renewables Supplies First SAF-Fueled Flight at Minneapolis-St. Paul Airport

MINNEAPOLIS , Sept. 25, 2024 /PRNewswire/ -- The first Minneapolis-St. Paul International Airport (MSP) flight departure fueled by Sustainable Aviation Fuel (SAF) takes to the skies today.

Montana Renewables Supplies First SAF-Fueled Flight at Minneapolis-St. Paul Airport

Calumet: Near Term Catalysts For A Pop

Calumet, Inc.'s transformation hinges on its 86% stake in Montana Renewables, which is converting to renewable refining, potentially driving significant equity value. The company seeks a DOE loan to expand SAF production, potentially boosting MRL's value to $4.2 billion and Calumet's stake to $2.6 billion. Specialty and performance products generate $300 million low-volatility EBITDA, but high debt limits equity value; selling performance brands could reduce debt and increase value.

Calumet: Near Term Catalysts For A Pop

Calumet to Attend Barclays 38th Annual CEO Energy-Power Conference

INDIANAPOLIS, Aug. 20, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today plans to attend the Barclays 38th Annual CEO Energy-Power Conference on Wednesday, September 4, 2024, in New York City, NY. Calumet will be holding one-on-one investor meetings throughout the day at the conference.

Calumet to Attend Barclays 38th Annual CEO Energy-Power Conference

Calumet: Now We Know More About Its Positive Financial Future

Calumet reported in line second quarter results, with the Great Falls asphalt business $10 million below our estimate. Management offered financial hints for balance sheet fixes, leading to a significant stock price increase. The future outlook includes a DOE loan, a possible partnership, and a balance sheet deleveraging plan.

Calumet: Now We Know More About Its Positive Financial Future

Calumet, Inc. (CLMT) Q2 2024 Earnings Call Transcript

Calumet, Inc. (NASDAQ:CLMT ) Q2 2024 Earnings Conference Call August 9, 2024 9:00 AM ET Company Participants John Kompa - Director, IR Todd Borgmann - CEO David Lunin - EVP and CFO Bruce Fleming - EVP, Montana Renewables and Corporate Development Scott Obermeier - EVP, Specialties Conference Call Participants Roger Read - Wells Fargo Saumya Jain - UBS Neil Mehta - Goldman Sachs Amit Dayal - H.C. Wainwright Gregg Brody - Bank of America Jason Gabelman - TD Cowen Operator Good morning everyone, and welcome to the Calumet, Inc.'s Second Quarter 2024 Results Conference Call.

Calumet, Inc. (CLMT) Q2 2024 Earnings Call Transcript

Calumet Reports Second Quarter 2024 Results

Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unit Second quarter 2024 Adjusted EBITDA of $66.8 million Successfully completed conversion of structure from a Master Limited Partnership ("MLP") to a C-Corp Montana Renewables ("MRL") achieved full production levels for the second quarter; produced approximately 7 million gallons of SAF Record volumes achieved in both Specialties and Renewables businesses INDIANAPOLIS , Aug. 9, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet Specialty Products Partners, L.P. (the "Partnership," "Calumet," "we," "our" or "us") for the second quarter ended June 30, 2024, as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions, except per unit data) Net loss $ (39.1) $ (22.3) $ (80.7) $ (3.7) Limited partners' interest basic net loss per unit $ (0.48) $ (0.27) $ (0.98) $ (0.05) Adjusted EBITDA $ 66.8 $ 68.1 $ 88.4 $ 145.4 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 39.1 $ 45.3 $ 25.1 $ 21.4 $ (0.4) $ 4.8 Adjusted gross profit $ 66.0 $ 68.3 $ 25.4 $ 22.6 $ 18.8 $ 19.3 Adjusted EBITDA $ 65.8 $ 61.0 $ 14.1 $ 12.2 $ 7.6 $ 13.0 Gross profit (loss) per barrel $ 6.71 $ 8.55 $ 141.01 $ 153.96 $ (0.18) $ 2.70 Adjusted gross profit per barrel $ 11.32 $ 12.90 $ 142.70 $ 162.59 $ 8.53 $ 10.85 Specialty Products and Solutions Performance Brands Montana/Renewables Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 124.4 $ 155.2 $ 47.4 $ 45.0 $ (29.5) $ (32.1) Adjusted gross profit $ 117.4 $ 167.1 $ 48.6 $ 43.4 $ 12.8 $ 30.9 Adjusted EBITDA $ 107.6 $ 137.0 $ 27.5 $ 28.6 $ (6.9) $ 17.8 Gross profit (loss) per barrel $ 11.07 $ 14.82 $ 147.20 $ 169.17 $ (6.92) $ (9.47) Adjusted gross profit per barrel $ 10.45 $ 15.95 $ 150.93 $ 163.16 $ 3.00 $ 9.12 "Calumet benefited from a strong operational quarter as we continue to demonstrate the strength of our specialties and renewables businesses," said Todd Borgmann, CEO.

Calumet Reports Second Quarter 2024 Results

Calumet, Inc. to Release Second Quarter 2024 Earnings on August 9, 2024

INDIANAPOLIS , July 26, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the second quarter 2024 on August 9, 2024. A conference call to discuss the financial and operational results is scheduled for August 9, 2024 at 9:00 AM ET.

Calumet, Inc. to Release Second Quarter 2024 Earnings on August 9, 2024

Calumet Converted To A C-Corp, So What's Next

Calumet Specialty Products unit holders voted to convert from an MLP to a C-Corp, aiming to become a premium specialty and low-cost producer of renewable energy. The company's future outlook includes factors such as a review of last quarter's EBITDA, EPA regulations affecting RIN prices, a potential DOE loan, and cost reductions. MRL plans to convert into a higher margin SAF production facility, with potential for significant profits.

Calumet Converted To A C-Corp, So What's Next

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