Calumet, Inc. engages in the manufacturing, formulation, and sale of specialty branded products and renewable fuel. It operates through the following segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate. The Specialty Products & Solutions segment consists of customer-focused solutions and formulation businesses. The Montana/Renewables segment is composed of a Great Falls specialty asphalt facility and Montana Renewables facility. The Performance Brands segment includes Royal Purple, Bel-Ray, and TruFuel. The Corporate segment focuses on the general and administrative expenses not allocated to other segments. The company was founded in 1919 and is headquartered in Indianapolis, IN.
Near-term catalysts skew positive on aggressive deleveraging, a Goldman Sachs price target hike, and an imminent Q3 earnings release, though execution risk on MaxSAF and a prior EPS miss temper conviction.
Calumet will report Q3 2026 results on November 6, 2026, with a conference call at 9:00 AM ET. This is the primary near-term binary catalyst; given the prior quarter's large EPS miss ($1.09 loss vs. $0.07 expected), investor focus will be on margin recovery in Specialties and Montana Renewables and progress on MaxSAF.
Calumet Investor Relations (Press Release)Goldman Sachs analyst Neil Mehta lifted the price target to $57 from $45 while maintaining a Neutral rating ahead of Q3 results, citing improving renewable fuels unit economics and tight base oil supply/demand. The higher target sits near the current share price, signaling limited near-term upside per Goldman but validating the improving earnings trajectory.
Business Insider / TheFlyCalumet called $150 million of its 9.75% 2028 Senior Notes effective October 25, 2026, bringing total debt retired to roughly $265 million since July and generating ~$26 million in annual cash interest savings. The move reinforces balance-sheet strength and deleveraging momentum, a supportive narrative into earnings.
Calumet Investor Relations (Press Release)Recent actions include HC Wainwright raising its target to $75 (Buy) and Zacks upgrading to Strong Buy, offset by Goldman's Neutral and Weiss Ratings' Sell. The split consensus (Hold, ~$54.75 target) suggests limited directional conviction and potential volatility around the Q3 print.
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