Calumet (NASDAQ:CLMT) Stock

Calumet

Calumet Specialty Prods

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.

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OLLI

This Ollie&#39;s Bargain Outlet Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday

GEVO


The United States Department of Energy (DOE) loan programs office (LPO) provides loans and loan guarantees to support the development and deployment of innovative clean energy projects. A DOE LPO loan directly lends

2 Energy Stocks Surging on Billion-Dollar DOE Loan Commitments

Calumet Inc

<ul>
<li>Initial loan proceeds of $782 million funded today</li>
<li>Balance of proceeds to be funded during planned expansion from 2025 through 2028</li>
<li>DOE loan guarantee facilitates expansion of Sustainable Aviation Fuel capacity to 300 million gallons per year</li>
</ul>


Montana Renewables Receives $782M Drawdown From $1.44B Guaranteed Loan Facility With DOE

<p>Whales with a lot of money to spend have taken a noticeably bearish stance on <strong>Calumet</strong>.</p>
<p>Looking at options history for Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) we detected 10 trades.</p>
<p>If we consider the specifics of each trade, it is accurate to state that 40% of the investors opened trades with bullish expectations and 60% with bearish.</p>
<p>From the overall spotted trades, 4 are puts, for a total amount of $212,963 and 6, calls, for a total amount of $272,600.</p>
<h3>Predicted Price Range</h3>
<p>After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $13.0 and $17.0 for Calumet, spanning the last three months.</p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Calumet's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Calumet's whale trades within a strike price range from $13.0 to $17.0 in the last 30 days. </p>
<h3>Calumet Option Volume And Open Interest Over Last 30 Days</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1739467839_0.png" alt="Options Call Chart" /></p>
<h3>Significant Options Trades Detected:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th align="right"><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$1.15</td>
<td>$0.9</td>
<td>$1.0</td>
<td>$16.00</td>
<td>$121.4K</td>
<td>5.3K</td>
<td align="right">809</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$3.6</td>
<td>$3.5</td>
<td>$3.5</td>
<td>$13.00</td>
<td>$70.0K</td>
<td>994</td>
<td align="right">200</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$2.95</td>
<td>$2.45</td>
<td>$2.85</td>
<td>$13.00</td>
<td>$57.0K</td>
<td>994</td>
<td align="right">400</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$1.2</td>
<td>$1.0</td>
<td>$1.0</td>
<td>$16.00</td>
<td>$50.2K</td>
<td>1.6K</td>
<td align="right">501</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$3.7</td>
<td>$3.6</td>
<td>$3.6</td>
<td>$17.00</td>
<td>$36.1K</td>
<td>222</td>
<td align="right">24</td>
</tr>
</tbody>
</table>
</p>
<h3>About Calumet</h3>
<p>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.</p>
<p>In light of the recent options history for Calumet, it's now appropriate to focus on the company itself. We aim to explore its current performance.</p>
<h3>Current Position of Calumet</h3>
<ul>
<li>With a trading volume of 1,031,424, the price of CLMT is down by -6.17%, reaching $16.34.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 12 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Calumet</h3>
<p>In the last month, 2 experts released ratings on this stock with an average target price of $24.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights"><strong>Click here for access</strong></a>.<br />
&#x2A; An analyst from UBS has revised its rating downward to Sell, adjusting the price target to $15.<br />
&#x2A; Reflecting concerns, an analyst from HC Wainwright &amp; Co. lowers its rating to Buy with a new price target of $33.</p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Calumet with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.</p>


Options

Decoding Calumet's Options Activity: What's the Big Picture?

<p>HC Wainwright &amp; Co.  analyst Amit Dayal   reiterates Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Buy and maintains $33 price target.</p>


Price Target

Reiteration

HC Wainwright & Co. Reiterates Buy on Calumet, Maintains $33 Price Target

<p>U.S. stocks were lower, with the Dow Jones index falling around 350 points on Wednesday.</p>
<p>Shares of <strong>Gilead Sciences, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) rose sharply during Wednesday's session after the company reported better-than-expected fourth-quarter financial results and issued FY25 adjusted EPS <a href="https://in.benzinga.com/general/health-care/25/02/43643001/gilead-sciences-shares-push-higher-after-q4-report-heres-why">guidance above estimates</a>.</p>
<p>Gilead Sciences reported quarterly earnings of $1.90 per share which beat the analyst consensus estimate of $1.70. Quarterly revenue came in at $7.56 billion which beat the analyst consensus estimate of $7.13 billion and is an increase over revenue of $7.11 billion from the same period last year.</p>
<p>Gilead Sciences shares jumped 8.1% to $103.88 on Wednesday.</p>
<p>Here are some other big stocks recording gains in today's session.</p>
<ul>
<li><strong>Upstart Holdings, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) shares jumped 30.7% to $88.07 after the company reported better-than-expected fourth-quarter financial results and issued FY25 revenue guidance above estimates. Multiple analysts upgraded the stock following the report.</li>
<li><strong>AnaptysBio, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANAB#NASDAQ">ANAB</a>) rose 19.6% to $14.82 after the company announced statistically significant week 12 data from the Phase 2b trial of rosnilimab in moderate-to-severe rheumatoid arthritis.</li>
<li><strong>Mercury General Corporation</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCY#NYSE">MCY</a>) gained 17.4% to $58.80 after the company reported quarterly financial results. Raymond James upgraded the stock from Outperform to Strong Buy and raised its price target from $70 to $80.</li>
<li><strong>EHang Holdings Limited</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>) rose 16.5% to $24.13.</li>
<li><strong>Confluent, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFLT#NASDAQ">CFLT</a>) gained 15.5% to $34.78 after the company reported better-than-expected fourth-quarter financial results.</li>
<li><strong>Angi Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGI#NASDAQ">ANGI</a>) surged 15% to $1.9850 following better-than-expected fourth-quarter sales and a year-over-year increase in EPS results.</li>
<li><strong>CVS Health Corporation</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) climbed 14.6% to $63.05 after the company reported quarterly earnings and revenue above estimates.</li>
<li><strong>Calumet, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) gained 13.3% to $18.00.</li>
<li><strong>The Chefs&#8217; Warehouse, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEF#NASDAQ">CHEF</a>) gained 11.3% to $60.69 following better-than-expected quarterly reported financial results.</li>
<li><strong>Sensata Technologies Holding plc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ST#NYSE">ST</a>) surged 9.2% to $28.05 following a fourth-quarter adjusted EPS and revenue beat.</li>
<li><strong>iQIYI, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IQ#NASDAQ">IQ</a>) gained 9.2% to $2.50.</li>
<li><strong>VNET Group, Inc.</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNET#NASDAQ">VNET</a>) rose 8.5% to $10.82.</li>
<li><strong>CRISPR Therapeutics AG</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>) gained 8.4% to $42.95  after the company reported better-than-expected quarterly financial results and Barclays raised its price target on the stock from $55 to $56.</li>
<li><strong>Prudential plc</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PUK#NYSE">PUK</a>) gained 6.1% to $18.10.</li>
<li><strong>IAC Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>) surged 5.6% to $43.31 following strong quarterly sales.</li>
</ul>
<p><strong>Now Read This: </strong></p>
<ul>
<li><strong><a href="https://www.benzinga.com/25/02/43658834/this-ppg-industries-analyst-is-no-longer-bullish-here-are-top-5-downgrades-for-wednesday">This PPG Industries Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Wednesday</a></strong></li>
</ul>


<p>Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.</p>
<ul>
<li>Piper Sandler analyst David Amsellem downgraded <strong>Amphastar Pharmaceuticals, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMPH#NASDAQ">AMPH</a>) from Overweight to Neutral and lowered the price target from $66 to $36. Amphastar Pharma shares closed at $33.39 on Monday. <a href="https://www.benzinga.com/quote/AMPH/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird analyst Peter Arment downgraded <strong>Triumph Group, Inc</strong>. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGI#NYSE">TGI</a>) from Outperform to Neutral but raised the price target from $20 to $26. Triumph Group shares closed at $25.10 on Monday. <a href="https://www.benzinga.com/quote/TTGI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Randal Konik downgraded the rating for <strong>Ollie&#8217;s Bargain Outlet Holdings, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLLI#NASDAQ">OLLI</a>) from Buy to Hold and lowered the price target from $125 to $111. Ollie&#8217;s Bargain shares closed at $107.63 on Monday. <a href="https://www.benzinga.com/quote/OLLI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>UBS analyst Manav Gupta downgraded <strong>Calumet, Inc</strong>. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) from Neutral to Sell and cut the price target from $20.5 to $15. Calumet shares closed at $18.34 on Monday. <a href="https://www.benzinga.com/quote/CLMT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wolfe Research analyst Trevor Allinson downgraded the rating for <strong>American Woodmark Corporation</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMWD#NASDAQ">AMWD</a>) from Outperform to Peer Perform. American Woodmark shares closed at $75.65 on Monday. <a href="https://www.benzinga.com/quote/AMWD/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
<p>Considering buying OLLI stock? Here&#8217;s what analysts think: </p>
<p><figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="628" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/04085758/image-23-1024x628.png" alt="" class="wp-image-764859" style="width:568px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/04085758/image-23-1024x628.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/04085758/image-23-300x184.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/04085758/image-23-768x471.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/04085758/image-23.png 1077w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></p>


This Ollie's Bargain Outlet Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday

WIIM

Calumet shares are trading lower after UBS downgraded the stock from Neutral to Sell and cut its price target from $20.5 to $15.

<p>UBS  analyst Manav Gupta   downgrades Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) from Neutral to Sell and lowers the price target from $20.5 to $15.</p>


UBS Downgrades Calumet to Sell, Lowers Price Target to $15

<p>Investors with a lot of money to spend have taken a bullish stance on <strong>Calumet</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>).</p>
<p>And retail traders should know.</p>
<p>We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.</p>
<p>Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CLMT, it often means somebody knows something is about to happen.</p>
<p>Today, Benzinga's options scanner spotted 20 options trades for Calumet.</p>
<p>This isn't normal.</p>
<p>The overall sentiment of these big-money traders is split between 85% bullish and 0%, bearish.</p>
<p>Out of all of the options we uncovered, 19 are puts, for a total amount of $833,524, and there was 1 call, for a total amount of $35,500.</p>
<h3>Expected Price Movements</h3>
<p>Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $17.0 to $30.0 for Calumet over the last 3 months. </p>
<h3>Analyzing Volume &amp; Open Interest</h3>
<p>Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Calumet's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Calumet's significant trades, within a strike price range of $17.0 to $30.0, over the past month.</p>
<h3>Calumet Call and Put Volume: 30-Day Overview</h3>
<p><img src="https://www.benzinga.com/files/images/story/2025/1736954132_0.png" alt="Options Call Chart" /></p>
<h3>Significant Options Trades Detected:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/17/25</td>
<td>$12.6</td>
<td>$11.9</td>
<td>$11.64</td>
<td>$30.00</td>
<td>$216.2K</td>
<td>10</td>
<td>185</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/17/25</td>
<td>$12.5</td>
<td>$11.8</td>
<td>$11.95</td>
<td>$30.00</td>
<td>$92.2K</td>
<td>10</td>
<td>185</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$2.1</td>
<td>$1.9</td>
<td>$1.95</td>
<td>$17.00</td>
<td>$48.5K</td>
<td>1.0K</td>
<td>400</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$1.9</td>
<td>$1.85</td>
<td>$1.86</td>
<td>$17.00</td>
<td>$46.5K</td>
<td>1.0K</td>
<td>1.4K</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/16/26</td>
<td>$3.7</td>
<td>$3.4</td>
<td>$3.55</td>
<td>$25.00</td>
<td>$35.5K</td>
<td>365</td>
<td>100</td>
</tr>
</tbody>
</table>
</p>
<h3>About Calumet</h3>
<p>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.</p>
<h3>Present Market Standing of Calumet</h3>
<ul>
<li>With a volume of 252,080, the price of CLMT is up 0.47% at $19.05. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 37 days.</li>
</ul>
<h3>What Analysts Are Saying About Calumet</h3>
<p>A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $33.0.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights"><strong>Click here for access</strong></a>.<br />
&#x2A; An analyst from HC Wainwright &amp; Co. has decided to maintain their Buy rating on Calumet, which currently sits at a price target of $33. </p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Calumet with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.</p>


Check Out What Whales Are Doing With CLMT

<p>Calumet intends to use all of the net proceeds from the Offering to redeem a portion of the Issuers' outstanding 11.00% Senior Notes due 2026 (the "2026 Notes") on or before April 15, 2025 (the "Redemption"). The New Notes are a mirror issue to the Issuers' existing 9.75% Senior Notes due 2028, of which $325 million in aggregate principal amount was issued on June 27, 2023 (the "Original Notes"). The New Notes will have substantially identical terms as the Original Notes. However, the New Notes will be issued under a separate indenture and have different CUSIP numbers from the Original Notes.</p>


Reported Earlier, Calumet Launches $100M Offering Of 9.75% Senior Notes For Debt Refinancing

Calumet shares are trading lower after the company reported preliminary Q4 financial results.

<p>Calumet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) (the "Company" or "Calumet") today announced that the Company has filed a prospectus supplement with the U.S. Securities and Exchange Commission (the "SEC") establishing an at-the-market equity offering program (the "ATM Program") under which it may issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $65 million (the "Offered Shares"). Calumet intends to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, repayment of indebtedness, working capital and capital expenditures.</p>
<p>Pursuant to the ATM Program, Calumet may issue and sell, at its discretion, the Offered Shares to the public from time to time, at the market prices prevailing at the time of sale, at prices related to the prevailing market prices or at negotiated prices, in each case on or through the Nasdaq Global Select Market or any other national securities exchange where the Offered Shares may be traded, and, as a result, prices at which the Offered Shares are sold may vary among purchasers and during the period of any distribution.</p>


Offerings

Calumet Announces $65M At-The-Market Equity Offering Program

<p>Calumet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) (the "Company," "Calumet," "we," "our" or "us") announced today preliminary selected financial results for the fourth quarter ended December 31, 2024.</p>
<p>Based on preliminary data, the Company currently expects to report a net loss between $54 million and $24 million and Adjusted EBITDA between $45 million and $60 million for the fourth quarter 2024.&nbsp; For a reconciliation of the preliminary estimate of Adjusted EBITDA to preliminary estimated net loss, the most directly comparable GAAP measure, see "Non-GAAP Financial Measures" below.&nbsp;</p>
<p>Finally, we expect capital expenditures in 2025 of $50 million to $70 million in our specialties business and $10 million to $20 million of maintenance capital at Montana Renewables before our MaxSAF project.&nbsp; MaxSAF spending is expected to be $40 million to $60 million in 2025, of which 45%, or $18 million to $27 million, is expected to be funded from MRL operating cash flow, and the remainder from the next tranche of the DOE loan.&nbsp;</p>
<p><br />&nbsp;</p>


Guidance

Calumet Expects Q4 Net Loss Of $54M-$24M, Adj EBITDA Of $45M-$60M

<p>HC Wainwright &amp; Co.  analyst Amit Dayal   maintains Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Buy and raises the price target from $25 to $33.</p>


HC Wainwright & Co. Maintains Buy on Calumet, Raises Price Target to $33

<ul>
<li>Initial loan proceeds of $782 million expected to be funded this month and balance of proceeds funded through planned construction period</li>
<li>DOE loan guarantee facilitates expansion of Sustainable Aviation Fuel capacity to 300 million gallons per year</li>
</ul>
<p>INDIANAPOLIS, Jan. 10, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) ("Calumet," "we," "our" or "us") announced today the closing of a $1.44 billion guaranteed loan facility with the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO"). The loan will fund the construction and expansion of the renewable fuels facility owned by Montana Renewables, LLC ("Montana Renewables" or "MRL"), an unrestricted subsidiary of Calumet.</p>
<p>The expansion positions Montana Renewables as one of the largest Sustainable Aviation Fuel ("SAF") producers globally, enabling an increase in annual production capacity to approximately 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel ("RD"). The planned expansion includes several key components: a second renewable fuels reactor (allowing approximately half of the 300-million-gallon SAF capability to be online by 2026), debottlenecking of existing units, installation of SAF blending and logistics assets, increased renewable hydrogen production, cogeneration for renewable electricity and steam, and on-site water treatment and recycling capabilities.</p>


Financing

Montana Renewables Announces Closing Of $1.44B DOE Loan Facility For Renewable Fuels And Biomass Energy Facility

<p>Investors with a lot of money to spend have taken a bullish stance on <strong>Calumet</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>).</p>
<p>And retail traders should know.</p>
<p>We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.</p>
<p>Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CLMT, it often means somebody knows something is about to happen.</p>
<p>So how do we know what these investors just did? </p>
<p>Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 11 uncommon options trades for Calumet.</p>
<p>This isn't normal.</p>
<p>The overall sentiment of these big-money traders is split between 72% bullish and 27%, bearish.</p>
<p>Out of all of the special options we uncovered, 2 are puts, for a total amount of $202,100, and 9 are calls, for a total amount of $617,462.</p>
<h3>Expected Price Movements</h3>
<p>Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $15.0 to $21.0 for Calumet during the past quarter. </p>
<h3>Insights into Volume &amp; Open Interest</h3>
<p>In today's trading context, the average open interest for options of Calumet stands at 6127.5, with a total volume reaching 16,579.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Calumet, situated within the strike price corridor from $15.0 to $21.0, throughout the last 30 days.</p>
<h3>Calumet 30-Day Option Volume &amp; Interest Snapshot</h3>
<p><img src="https://www.benzinga.com/files/images/story/2024/1731353428_0.png" alt="Options Call Chart" /></p>
<h3>Significant Options Trades Detected:</h3>
<p>
<table>
<thead>
<tr>
<th><strong>Symbol</strong></th>
<th><strong>PUT/CALL</strong></th>
<th><strong>Trade Type</strong></th>
<th><strong>Sentiment</strong></th>
<th><strong>Exp. Date</strong></th>
<th><strong>Ask</strong></th>
<th><strong>Bid</strong></th>
<th><strong>Price</strong></th>
<th><strong>Strike Price</strong></th>
<th><strong>Total Trade Price</strong></th>
<th><strong>Open Interest</strong></th>
<th><strong>Volume</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$1.9</td>
<td>$1.7</td>
<td>$1.85</td>
<td>$21.00</td>
<td>$277.5K</td>
<td>4.5K</td>
<td>4.1K</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$2.15</td>
<td>$2.0</td>
<td>$2.05</td>
<td>$18.00</td>
<td>$102.5K</td>
<td>2</td>
<td>501</td>
</tr>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/16/25</td>
<td>$2.15</td>
<td>$2.0</td>
<td>$2.0</td>
<td>$18.00</td>
<td>$99.6K</td>
<td>2</td>
<td>1.0K</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$7.9</td>
<td>$7.5</td>
<td>$7.6</td>
<td>$15.00</td>
<td>$76.0K</td>
<td>1.7K</td>
<td>100</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$1.9</td>
<td>$1.65</td>
<td>$1.87</td>
<td>$21.00</td>
<td>$66.2K</td>
<td>4.5K</td>
<td>2.4K</td>
</tr>
</tbody>
</table>
</p>
<h3>About Calumet</h3>
<p>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.</p>
<h3>Current Position of Calumet</h3>
<ul>
<li>With a trading volume of 453,613, the price of CLMT is up by 1.91%, reaching $22.66.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 102 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Calumet</h3>
<p>In the last month, 5 experts released ratings on this stock with an average target price of $26.4.</p>
<p><strong>Unusual Options Activity Detected: Smart Money on the Move</strong></p>
<p>Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights"><strong>Click here for access</strong></a>.<br />
&#x2A; Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on Calumet with a target price of $26.<br />
&#x2A; An analyst from HC Wainwright &amp; Co. has revised its rating downward to Buy, adjusting the price target to $25.<br />
&#x2A; An analyst from Wells Fargo persists with their Overweight rating on Calumet, maintaining a target price of $29.<br />
&#x2A; An analyst from TD Cowen has decided to maintain their Buy rating on Calumet, which currently sits at a price target of $27.<br />
&#x2A; Reflecting concerns, an analyst from HC Wainwright &amp; Co. lowers its rating to Buy with a new price target of $25.</p>
<p>Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Calumet with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.</p>


<p>TD Cowen  analyst Jason Gabelman   maintains Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Buy and lowers the price target from $27 to $26.</p>


TD Cowen Maintains Buy on Calumet, Lowers Price Target to $26

<p>HC Wainwright &amp; Co.  analyst Amit Dayal   reiterates Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Buy and maintains $25 price target.</p>


HC Wainwright & Co. Reiterates Buy on Calumet, Maintains $25 Price Target

<p>Calumet Specialty Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) reported quarterly losses of $(1.18) per share which missed the analyst consensus estimate of $(0.58) by 103.45 percent. This is a 195.16 percent decrease over earnings of $1.24 per share from the same period last year.  The company reported quarterly sales of $1.100 billion which beat the analyst consensus estimate of $972.117 million by 13.16 percent.  This is a 4.26 percent decrease over sales of $1.149 billion the same period last year.</p>


Earnings

Earnings Beats

Earnings Misses

Calumet Specialty Prods Q3 2024 GAAP EPS $(1.18) Misses $(0.58) Estimate, Sales $1.100B Beat $972.117M Estimate

<p>Calumet Specialty Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) is gearing up to announce its quarterly earnings on Friday, 2024-11-08. Here's a quick overview of what investors should know before the release.</p>
<p>Analysts are estimating that Calumet Specialty Prods will report an <strong>earnings per share</strong> (EPS) of $-0.34.</p>
<p>The market awaits Calumet Specialty Prods's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.</p>
<p>It's important for new investors to understand that guidance can be a significant driver of stock prices.</p>
<h3>Earnings Track Record</h3>
<p>In the previous earnings release, the company beat EPS by $0.07, leading to a 0.0% drop in the share price the following trading session.</p>
<p>Here's a look at Calumet Specialty Prods's past performance and the resulting price change:</p>
<p>
<table>
<thead>
<tr>
<th><strong>Quarter</strong></th>
<th><strong>Q2 2024</strong></th>
<th><strong>Q1 2024</strong></th>
<th><strong>Q4 2023</strong></th>
<th><strong>Q3 2023</strong></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>EPS Estimate</strong></td>
<td>-0.55</td>
<td>-0.67</td>
<td>-0.39</td>
<td>0.26</td>
</tr>
<tr>
<td><strong>EPS Actual</strong></td>
<td>-0.48</td>
<td>-0.51</td>
<td>-0.59</td>
<td>1.26</td>
</tr>
<tr>
<td><strong>Price Change %</strong></td>
<td>16.0%</td>
<td>-1.0%</td>
<td>-4.0%</td>
<td>5.0%</td>
</tr>
</tbody>
</table>
</p>
<p><img src="https://www.benzinga.com/files/images/story/2024/1730998987_0.png" alt="eps graph" /></p>
<h3>Performance of Calumet Specialty Prods Shares</h3>
<p>Shares of Calumet Specialty Prods were trading at $19.6 as of November 06. Over the last 52-week period, shares are up 35.22%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. </p>
<p><a href="https://www.benzinga.com/quote/CLMT/earnings"><strong>To track all earnings releases for Calumet Specialty Prods visit their earnings calendar on our site.</strong></a></p>
<p><em>This article was generated by Benzinga's automated content engine and reviewed by an editor.</em></p>


A Look at Calumet Specialty Prods's Upcoming Earnings Report

<p>Based on preliminary data, the Company currently expects to report a net loss between&nbsp;$110 million&nbsp;and&nbsp;$90 million&nbsp;and Adjusted EBITDA between&nbsp;$45 million&nbsp;and&nbsp;$55 million&nbsp;for the&nbsp;third quarter&nbsp;2024.&nbsp; For a reconciliation of the preliminary estimate of Adjusted EBITDA to preliminary estimated net loss, the most directly comparable GAAP measure, see &quot;Non-GAAP Financial Measures&quot; below.&nbsp; Further, as of&nbsp;September 30, 2024, the Company estimates total liquidity of approximately&nbsp;$290&nbsp;million&nbsp;comprised of approximately&nbsp;$35&nbsp;million&nbsp;of unrestricted cash and cash equivalents and approximately&nbsp;$255 million&nbsp;of availability under our credit facilities.</p>


Reported Earlier, Calumet Expects To Report Q3 2024 Loss Between $90M-$110M, And Adjusted EBITDA Of $45M-$55M

Commodities

Press Releases

Calumet, Inc. to Hold Analysts Update Call on January 13, 2025

Calumet Provides Preliminary Fourth Quarter 2024 Selected Financial Results

Calumet Announces $65 Million At-the-Market Equity Offering Program

Calumet Announces $100 Million Private Placement of 9.75% Senior Notes due 2028

Calumet Announces Pricing of $100 Million Private Placement of 9.75% Senior Notes due 2028

Calumet Provides Update on Recent Financing Activity

Montana Renewables Announces Timing Update for DOE Loan Facility

Calumet, Inc. to Release Fourth Quarter and Fiscal Year 2024 Earnings on February 28, 2025

Montana Renewables Receives First Drawdown from $1.44 Billion DOE Loan Facility

Calumet to Attend Raymond James Conference

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