Adams Asset Advisors Reduces Calumet Holdings by Nearly 2 Million Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 27 2026
0mins
Source: Fool
- Share Reduction Details: According to an SEC filing dated April 27, 2026, Adams Asset Advisors reduced its holdings in Calumet by 1,954,039 shares during Q1 2026, valued at approximately $50.3 million, indicating a profit-taking strategy rather than a loss of confidence in the company.
- Ownership Analysis: Despite the reduction, Calumet still represents 12.9% of Adams' reportable AUM, underscoring the firm's ongoing conviction, with Calumet remaining its largest position.
- Performance Highlights: Calumet reported $4.1 billion in revenue for 2025, with adjusted EBITDA of $293.3 million, reflecting a 28% increase year-over-year, while also reducing its restricted-group debt by over $220 million, showcasing substantial business progress.
- Future Outlook and Risks: Although Calumet's stock price surged nearly 200% over the past year, it remains a money-losing entity, and energy stocks are historically volatile, influenced by commodity prices and policy changes, necessitating cautious investor consideration.
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Analyst Views on CLMT
Wall Street analysts forecast CLMT stock price to fall
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 35.500
Low
19.00
Averages
23.67
High
28.00
Current: 35.500
Low
19.00
Averages
23.67
High
28.00
About CLMT
Calumet, Inc. manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a range of consumer-facing and industrial markets. Its segments include Specialty Products and Solutions; Performance Brands; Montana/Renewables, and Corporate. Specialty Products and Solutions segment manufactures and markets a variety of solvents, waxes, customized lubricating oils, white oils, petrolatum, gels, esters, and other products. Performance Brands segment blend, package and market high performance products through its Royal Purple, Bel-Ray, and TruFuel brands. Montana/Renewables segment comprises two facilities: renewable fuels and specialty asphalt. At its Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewables markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Business Overview: Headquartered in Indianapolis, Calumet manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels, serving a broad range of consumer-facing and industrial markets, showcasing its diversified positioning in the industry.
- Facility Operations: The company operates twelve facilities across North America, which not only enhances its competitive edge in the market but also improves responsiveness to customer demands, ensuring stable product supply.
- Strategic Implications: By participating in this conference, Calumet aims to elevate its visibility in the energy sector and further its long-term development strategy through direct interaction with investors, thereby boosting investor confidence.
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- Operational Network: With twelve facilities operating across North America, Calumet's extensive production network enables it to efficiently meet customer demands while strengthening its competitive position in the market.
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See More
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- Business Overview: Headquartered in Indianapolis, Calumet manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels, serving a broad range of consumer-facing and industrial markets, showcasing its diversified positioning in the industry.
- Facility Operations: The company operates twelve facilities across North America, which not only enhances its competitive edge in the market but also improves responsiveness to customer demands, ensuring stable product supply.
- Strategic Implications: By participating in this conference, Calumet aims to elevate its visibility in the energy sector and further its long-term development strategy through direct interaction with investors, thereby boosting investor confidence.
See More
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- Conference Participation: Calumet, Inc. plans to attend the Goldman Sachs Leverage Finance Conference on May 28, where it will hold one-on-one investor meetings throughout the day, aiming to enhance investor engagement and increase market visibility.
- Company Overview: Headquartered in Indianapolis, Calumet, Inc. manufactures, formulates, and markets a diversified range of specialty branded products and renewable fuels, serving a broad spectrum of consumer-facing and industrial markets, showcasing its diverse capabilities in the industry.
- Operational Network: With twelve facilities operating across North America, Calumet's extensive production network enables it to efficiently meet customer demands while strengthening its competitive position in the market.
- Market Positioning: By participating in the Goldman Sachs conference, Calumet aims to elevate its brand awareness and attract potential investors, thereby laying the groundwork for future growth and expansion.
See More
Sky Quarry Signs Multi-Party MOU for Clean Fuel Innovation
- Strategic Collaboration: On May 7, 2026, Sky Quarry signed a non-binding multi-party Memorandum of Understanding with Southern Energy Renewables and DevvStream, aimed at advancing fuel innovation and low-carbon fuel development, with an initial term of three years, indicating the company's strategic positioning in the clean fuel sector.
- Integration Advantage: Sky Quarry's Foreland Refinery, the only operating refinery in Nevada, combined with its 180-million-barrel oil sands resource at PR Spring in Utah, creates a unique upstream and downstream integration capability, potentially evolving into a next-generation fuel production hub.
- Market Reaction: Within the U.S. sustainable aviation fuel investment cycle, Sky Quarry's partnership may shift market perceptions of small-cap operators, especially against the backdrop of larger competitors like Calumet and Gevo, highlighting Sky Quarry's structural advantages.
- Policy Support: The MOU coincides with a shift in U.S. federal energy policy, as the White House supports the development of domestic petroleum refining capacity, providing a favorable policy environment for Sky Quarry's integrated operations and potentially facilitating its future commercialization efforts.
See More
Calumet, Inc. Q1 2026 Earnings Call Insights
- Renewable Fuels Market Progress: Following the EPA's Set 2 RVO announcement, Calumet has entered a strong margin environment, with CEO Borgmann highlighting significant improvements in both traditional and renewable energy margins, positioning the company for accelerated deleveraging.
- Pricing Response Strategy: In response to over a 50% increase in crude oil prices in March, Calumet's commercial team executed over 20 price increases across product lines, effectively countering cost escalations and demonstrating the team's agility.
- Financial Performance Overview: The company reported $50.1 million in adjusted EBITDA for Q1 2026, slightly down from $55 million in Q1 2025, yet still reflecting strong market opportunities, particularly impacted by operational events in Shreveport.
- Future Outlook and Expansion Plans: Borgmann noted that the MaxSAF 150 expansion project was completed on time and on budget, expected to deliver a four to fivefold increase in annual SAF volumes, while the company will continue to focus on policy impacts and execution.
See More
Calumet, Inc. Reports Q1 Earnings Miss Despite Revenue Beat
- Earnings Miss: Calumet, Inc. reported a Q1 GAAP EPS of -$3.64, missing expectations by $3.07, indicating significant pressure on profitability that could undermine investor confidence.
- Revenue Growth: Despite the earnings miss, Calumet's revenue reached $1.02 billion, a 2.6% year-over-year increase, beating market expectations by $66.59 million, suggesting resilience in sales performance.
- Adjusted EBITDA: The company reported an adjusted EBITDA of $50.1 million for Q1, reflecting profitability under tax attributes, indicating operational efficiency despite the overall poor financial performance.
- Market Reaction: Calumet's stock has tripled over the past year, yet it faced a downgrade from Goldman Sachs, which may impact market expectations regarding its future performance.
See More
Calumet Reports $317 Million Net Loss in Q1 2026 Earnings
- Poor Financial Performance: Calumet reported a net loss of $317 million in Q1 2026, compared to a $162 million loss in the same period of 2025, indicating increased financial pressure that may affect investor confidence.
- Decline in Adjusted EBITDA: The adjusted EBITDA for the first quarter was $27.6 million, down 27.8% from $38.1 million in Q1 2025, reflecting challenges in cost control and market competition that could impact future capital expenditures and growth plans.
- Strong Specialty Product Sales: Despite the overall loss, the Specialty Products and Solutions segment reported adjusted EBITDA of $44.3 million, although lower than last year's $56.3 million, indicating resilience in this segment that may support the company's future recovery.
- Production Disruption Impact: An unexpected outage at the Shreveport facility resulted in a loss of approximately 750,000 barrels of production; although operations resumed in April, this incident negatively affected Q1 financial results and may delay the company's recovery process.
See More
