Calumet

CLMT · NASDAQ

$56.05+$0.51 (+0.92%)TodayMarket closed · Oct 20, 6:48 PM ET

Prev close $55.54

CLMT analyst rating

HoldConsensus of 4 analysts over the last 12 months. 25% rate it a buy.

Strong buy0
Buy1
Hold3
Underperform0
Sell0

12-month price target · 7 analysts

Average $56.61 (+1.0% upside)

Low: $40.40
Now: $56.05
High: $78.75

Upgrades and downgrades

The latest rating actions, newest first

CLMT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 2, 2026	Maintains	Buy	$60.00 → $75.00	34%
UBS	Aug 25, 2026	Maintains	Neutral	$26.00 → $47.00	60%
Goldman Sachs	Aug 18, 2026	Maintains	Neutral	$40.00 → $45.00	62%
TD Cowen	Aug 12, 2026	Maintains	Hold	$34.00 → $40.00	70%
Goldman Sachs	Jul 30, 2026	Maintains	Neutral	$36.00 → $40.00	62%
HC Wainwright & Co.	Mar 30, 2026	Maintains	Buy	$33.00 → $60.00	34%
Goldman Sachs	Mar 12, 2026	Maintains	Buy	$24.00 → $34.00	62%
Goldman Sachs	Jan 30, 2026	Maintains	Buy	$20.00 → $24.00	62%
HC Wainwright & Co.	Nov 10, 2025	Maintains	Buy	$33.00	34%
Goldman Sachs	Oct 22, 2025	Maintains	Buy	$15.00 → $20.00	62%

The case for and against

Updated Jul 31, 2025

Bull case

Calumet Inc. is projected to see a significant increase in adjusted EBITDA, with expectations for growth from $151 million in 2024 to $482 million in 2025, and potentially reaching approximately $750 million by 2028, driven by high-margin renewable diesel (RD) and sustainable aviation fuel (SAF) sales. The company anticipates improvements in gross margins, forecasted to rise from 6% in 2024 to over 9% by 2026, supported by a strengthened balance sheet and substantial annual cost savings in debt service. Furthermore, the upcoming release of a $1.44 billion Department of Energy loan is expected to enhance production capabilities and create strategic opportunities for monetizing the Montana Renewables segment, allowing Calumet to capitalize on the growing demand for renewable fuels.

Bear case

Calumet Inc. has faced significant challenges with recent revenue streams, as evidenced by the Industry MarketIndex dropping from a historical average of $2.00/gallon to around $1.00/gallon, indicating a sustained period of depressed pricing in the market. The company reported a net loss of $40.7 million for the quarter, although this represented an improvement over the $49.1 million loss recorded in the previous quarter. These financial metrics, combined with the ongoing struggles in maintaining profitability, contribute to a negative outlook for Calumet's stock.

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