Added to YB: 2026-03-04
Pitch date: 2026-03-02
CLMT [neutral]
Calumet, Inc.
+3.8%
current return
Author Info
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Company Info
Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally.
Market Cap
$2.3B
Pitch Price
$26.87
Price Target
55.00 (+97%)
Dividend
N/A
EV/EBITDA
14.78
P/E
-69.20
EV/Sales
1.19
Sector
Oil, Gas and Consumable Fuels
Category
turnaround
Calumet: De-risked and Waiting to SHOOT higher!
CLMT (holding update): Debt risk eliminated w/ $405M 9.75% 2031 notes, redeeming 2026/2027 maturities; net leverage improved 8.2x→4.9x. Specialties margins held >$60/bbl despite softer macro, fixed costs down $40M, volumes +1.3M bbls. MRL OpEx improved 60% to $0.41/gal; MaxSAF locked 100M gals SAF contracts at $1-$2/gal premium over RD (multi-yr fixed). PT $35 current/$55+ post-MaxSAF (+35-112% upside). Risks: RVO timing, feedstock/RIN volatility, turnaround execution.
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