Why Is CALUMET INC Equity (CLMT) Stock Down Today?

Why CLMT stock is down today

Calumet Inc (CLMT) fell 7.23% in premarket trading to $38.85 on Tuesday as the company reported disappointing second-quarter earnings. The stock opened with a 4.5% gap up but quickly reversed course after the release of weak earnings results and a net loss. The report highlighted a GAAP EPS of -$1.09, which missed estimates by $1.03, and a net loss of $95.9 million for the quarter.

What Happened

The company filed an 8-K with the SEC on August 7, disclosing preliminary results of operations and financial condition. The filing included a net loss of $95.9 million, or $1.09 per share, driven by non-cash RINs and other mark-to-market items. Adjusted EBITDA with tax attributes was reported at $175.2 million, but this was not enough to offset the earnings shortfall. The second-quarter results showed a significant drop in earnings compared to the prior year, with EPS of $1.70 in 2025 versus -$1.09 in 2026. Revenue of $1.44 billion exceeded expectations by $320 million but failed to offset the earnings decline.

What The Data Shows

Intraday trading showed a sharp reversal from a $43.77 open to a low of $38.62, with volume at 0.5 million shares, or 0.4 times the 3-month average. The stock has traded between $12.94 and $45.20 over the past 52 weeks. Fundamental metrics remain weak, with a trailing 12-month EPS of -$2.17, revenue declining 0.1% TTM, and a net margin of -4.5%. Recent insider activity has also been bearish, with two sell transactions totaling $20.6 million in the last 90 days.

What To Watch

The stock is scheduled to trade into the regular session with no immediate earnings date provided. Investors should monitor coverage breadth and any follow-up commentary from analysts, particularly as Goldman Sachs has recently raised its price target to $40.