Goldman Sachs Downgrades Calumet to Neutral
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy CLMT?
Source: seekingalpha
- Rating Downgrade Impact: Goldman Sachs downgraded Calumet (CLMT) from Buy to Neutral with a $36 price target, resulting in a 5.7% decline in its stock price during Friday's trading, reflecting market caution regarding its future performance.
- Stock Performance Review: Over the past year, Calumet's stock has more than tripled, with analyst Neil Mehta noting that the current price better reflects the improving renewable fuel margins and management's ongoing commitment to financial strength.
- Optimistic Future Outlook: Despite the downgrade, the analyst maintains a constructive view on renewable diesel margins and RIN prices, anticipating that the supportive 2026-27 RVO ruling and limited production capacity in the U.S. could drive upside in Calumet's 2027 consensus EBITDA estimates.
- Investment Recommendation: Mehta highlighted Delek US (DK) as his preferred equity for small/mid-cap refining exposure, suggesting a 40% upside potential in the context of a more favorable outlook for RIN prices, indicating Goldman Sachs' overall optimism for the sector.
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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: 30.750
Low
19.00
Averages
23.67
High
28.00
Current: 30.750
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.
Adams Asset Advisors Reduces Calumet Holdings
- Share Reduction Details: Adams Asset Advisors sold 1,954,039 shares of Calumet during Q1 2026, with an estimated trade value of approximately $50.3 million, reflecting a classic profit-taking strategy at high prices.
- Value Appreciation: Despite the sale, the value of Adams' Calumet position increased by roughly $12.5 million, indicating strong price appreciation in CLMT shares during the period and suggesting ongoing market confidence in the company.
- Major Holding Status: As of the latest 13F filing, Adams retains 3,202,232 shares of Calumet valued at approximately $115.0 million, representing 12.9% of its assets under management, underscoring its continued conviction in Calumet.
- Financial Performance Highlights: Calumet reported $4.1 billion in revenue for 2025 and an adjusted EBITDA of $293.3 million, approximately 28% higher than the previous year, while reducing its restricted-group debt by over $220 million, demonstrating substantial business progress despite ongoing losses.
See More
Adams Asset Advisors Reduces Calumet Holdings by Nearly 2 Million Shares
- 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.
See More
Goldman Sachs Downgrades Calumet to Neutral
- Rating Downgrade Impact: Goldman Sachs downgraded Calumet (CLMT) from Buy to Neutral with a $36 price target, resulting in a 5.7% decline in its stock price during Friday's trading, reflecting market caution regarding its future performance.
- Stock Performance Review: Over the past year, Calumet's stock has more than tripled, with analyst Neil Mehta noting that the current price better reflects the improving renewable fuel margins and management's ongoing commitment to financial strength.
- Optimistic Future Outlook: Despite the downgrade, the analyst maintains a constructive view on renewable diesel margins and RIN prices, anticipating that the supportive 2026-27 RVO ruling and limited production capacity in the U.S. could drive upside in Calumet's 2027 consensus EBITDA estimates.
- Investment Recommendation: Mehta highlighted Delek US (DK) as his preferred equity for small/mid-cap refining exposure, suggesting a 40% upside potential in the context of a more favorable outlook for RIN prices, indicating Goldman Sachs' overall optimism for the sector.
See More
Calumet to Report Q1 2026 Results on May 8
- Earnings Report Announcement: Calumet, Inc. plans to release its Q1 2026 financial results on May 8, 2026, which is expected to provide critical operational and financial data, aiding investors in assessing the company's market performance and future outlook.
- Conference Call Schedule: The company will hold a conference call on May 8 at 9:00 AM ET to discuss the financial and operational results, allowing investors and analysts to participate via a live webcast, enhancing transparency and interactivity.
- Participation Details: Interested participants can pre-register through the provided link and join the call by dialing the toll-free number 1-844-695-5524 for US or 1-412-317-0700 for international calls, ensuring smooth participation in the discussion.
- Replay Availability: A replay of the conference call will be available a few hours after the event on the investor relations section of the company's website, facilitating access to information for investors who could not attend live, thereby improving information accessibility and transparency.
See More
Calumet Nominates Bradford T. Sanders to Board of Directors
- Board Nomination: Calumet, Inc. has announced the nomination of Bradford T. Sanders for election to the Board of Directors at the 2026 Annual Meeting, aiming to enhance the Board's strategic leadership capabilities through his extensive industry experience, thereby increasing shareholder value.
- Rich Industry Experience: Bradford T. Sanders brings over 30 years of leadership in the energy sector, having held senior roles at U.S. Development Group and spent 32 years at Koch Industries, where he developed significant commercial and strategic expertise expected to support Calumet's future growth.
- Strategic Alignment: The Calumet Board engaged HC Group to identify independent director candidates who align with Board and shareholder priorities, indicating the company's commitment to governance and the introduction of high-quality talent to drive long-term growth.
- Company Overview: Calumet, Inc. focuses on manufacturing and marketing a diverse range of specialty branded products and renewable fuels, operating twelve facilities across North America, and is dedicated to enhancing its competitiveness in consumer and industrial markets.
See More
Surge in Oil Prices Amid Rising Geopolitical Tensions in the Middle East
- Oil Price Surge: Brent crude prices have surged to historic highs due to rising geopolitical tensions in the Middle East, leading to a 9.3% increase in stocks like Calumet (CLMT), reflecting strong market confidence in energy stocks.
- Strong Market Reaction: The threats against Iranian oil wells have boosted investor confidence in the potential revenue and profitability of the energy sector, despite ongoing geopolitical risks, indicating a robust response to oil price fluctuations.
- Calumet's Strong Performance: Calumet's stock has risen 80% since the beginning of the year, reaching a new 52-week high at $35.18, suggesting optimistic market expectations for its future growth and profitability.
- Emerging Investment Opportunities: The volatility in oil prices has created buying opportunities for high-quality stocks, particularly for companies like HighPeak Energy (HPK) and Riley Exploration Permian (REPX), which saw increases of 7.2% and 3%, respectively.
See More
Adams Asset Advisors Reduces Calumet Holdings
- Share Reduction Details: Adams Asset Advisors sold 1,954,039 shares of Calumet during Q1 2026, with an estimated trade value of approximately $50.3 million, reflecting a classic profit-taking strategy at high prices.
- Value Appreciation: Despite the sale, the value of Adams' Calumet position increased by roughly $12.5 million, indicating strong price appreciation in CLMT shares during the period and suggesting ongoing market confidence in the company.
- Major Holding Status: As of the latest 13F filing, Adams retains 3,202,232 shares of Calumet valued at approximately $115.0 million, representing 12.9% of its assets under management, underscoring its continued conviction in Calumet.
- Financial Performance Highlights: Calumet reported $4.1 billion in revenue for 2025 and an adjusted EBITDA of $293.3 million, approximately 28% higher than the previous year, while reducing its restricted-group debt by over $220 million, demonstrating substantial business progress despite ongoing losses.
See More
Adams Asset Advisors Reduces Calumet Holdings by Nearly 2 Million Shares
- 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.
See More
Goldman Sachs Downgrades Calumet to Neutral
- Rating Downgrade Impact: Goldman Sachs downgraded Calumet (CLMT) from Buy to Neutral with a $36 price target, resulting in a 5.7% decline in its stock price during Friday's trading, reflecting market caution regarding its future performance.
- Stock Performance Review: Over the past year, Calumet's stock has more than tripled, with analyst Neil Mehta noting that the current price better reflects the improving renewable fuel margins and management's ongoing commitment to financial strength.
- Optimistic Future Outlook: Despite the downgrade, the analyst maintains a constructive view on renewable diesel margins and RIN prices, anticipating that the supportive 2026-27 RVO ruling and limited production capacity in the U.S. could drive upside in Calumet's 2027 consensus EBITDA estimates.
- Investment Recommendation: Mehta highlighted Delek US (DK) as his preferred equity for small/mid-cap refining exposure, suggesting a 40% upside potential in the context of a more favorable outlook for RIN prices, indicating Goldman Sachs' overall optimism for the sector.
See More
Calumet to Report Q1 2026 Results on May 8
- Earnings Report Announcement: Calumet, Inc. plans to release its Q1 2026 financial results on May 8, 2026, which is expected to provide critical operational and financial data, aiding investors in assessing the company's market performance and future outlook.
- Conference Call Schedule: The company will hold a conference call on May 8 at 9:00 AM ET to discuss the financial and operational results, allowing investors and analysts to participate via a live webcast, enhancing transparency and interactivity.
- Participation Details: Interested participants can pre-register through the provided link and join the call by dialing the toll-free number 1-844-695-5524 for US or 1-412-317-0700 for international calls, ensuring smooth participation in the discussion.
- Replay Availability: A replay of the conference call will be available a few hours after the event on the investor relations section of the company's website, facilitating access to information for investors who could not attend live, thereby improving information accessibility and transparency.
See More
Calumet Nominates Bradford T. Sanders to Board of Directors
- Board Nomination: Calumet, Inc. has announced the nomination of Bradford T. Sanders for election to the Board of Directors at the 2026 Annual Meeting, aiming to enhance the Board's strategic leadership capabilities through his extensive industry experience, thereby increasing shareholder value.
- Rich Industry Experience: Bradford T. Sanders brings over 30 years of leadership in the energy sector, having held senior roles at U.S. Development Group and spent 32 years at Koch Industries, where he developed significant commercial and strategic expertise expected to support Calumet's future growth.
- Strategic Alignment: The Calumet Board engaged HC Group to identify independent director candidates who align with Board and shareholder priorities, indicating the company's commitment to governance and the introduction of high-quality talent to drive long-term growth.
- Company Overview: Calumet, Inc. focuses on manufacturing and marketing a diverse range of specialty branded products and renewable fuels, operating twelve facilities across North America, and is dedicated to enhancing its competitiveness in consumer and industrial markets.
See More
Surge in Oil Prices Amid Rising Geopolitical Tensions in the Middle East
- Oil Price Surge: Brent crude prices have surged to historic highs due to rising geopolitical tensions in the Middle East, leading to a 9.3% increase in stocks like Calumet (CLMT), reflecting strong market confidence in energy stocks.
- Strong Market Reaction: The threats against Iranian oil wells have boosted investor confidence in the potential revenue and profitability of the energy sector, despite ongoing geopolitical risks, indicating a robust response to oil price fluctuations.
- Calumet's Strong Performance: Calumet's stock has risen 80% since the beginning of the year, reaching a new 52-week high at $35.18, suggesting optimistic market expectations for its future growth and profitability.
- Emerging Investment Opportunities: The volatility in oil prices has created buying opportunities for high-quality stocks, particularly for companies like HighPeak Energy (HPK) and Riley Exploration Permian (REPX), which saw increases of 7.2% and 3%, respectively.
See More
