According to an SEC filing dated April 27, 2026, Adams Asset Advisors, LLC reduced its holding in Calumet (NASDAQ:CLMT) by 1,954,039 shares during the first quarter of 2026. The estimated value of the shares sold was approximately $50.3 million, based on the average closing price for the quarter. Despite the reduction, the quarter-end value of the Calumet position increased by roughly $12.5 million — a figure that reflects meaningful price appreciation in CLMT shares during the period.
Calumet, Inc. manufactures, formulates, and markets a diversified portfolio of specialty-branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.
After a nearly 200% run-up in Calumet’s share price over the past year, Adams Asset Advisors’ decision to trim 1.95 million shares looks a lot like classic profit-taking — not a loss of faith in the company. Notably, even after the sale, Calumet remains Adams’ single largest position, which says a lot about the firm’s ongoing conviction.
Calumet, Inc. produces specialty branded products and renewable fuels for industrial and consumer markets across North America and beyond.
What happened
According to an SEC filing dated April 27, 2026, Adams Asset Advisors, LLC reduced its holding in Calumet (CLMT +0.69%) by 1,954,039 shares during the first quarter of 2026. The estimated value of the shares sold was approximately $50.3 million, based on the average closing price for the quarter. Despite the reduction, the quarter-end value of the Calumet position increased by roughly $12.5 million — a figure that reflects meaningful price appreciation in CLMT shares during the period.
What else to know
- Following the sale, Calumet represents 12.9% of Adams Asset Advisors’ 13F reportable AUM.
- Top holdings after the filing:
- NASDAQ: CLMT: $115.0 million (12.9% of AUM)
- NYSE:OXY: $109.4 million (12.3% of AUM)
- NASDAQ:JEPQ: $60.4 million (6.8% of AUM)
- NYSE:SUN: $36.8 million (4.1% of AUM)
- NYSE:ET: $27.8 million (3.1% of AUM)
- As of April 27, 2026, Calumet shares were trading at $30.82, up roughly 194% over the past year, outperforming the S&P 500 by about 164 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $2.68 billion |
| Revenue (TTM) | $4.14 billion |
| Net income (TTM) | ($33.80 million) |
Company snapshot
Calumet, Inc. manufactures, formulates, and markets a diversified portfolio of specialty-branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.
- Headquartered in Indianapolis, Indiana, the company operates twelve facilities across North America and serves approximately 2,400 customers in more than 80 countries.
- Business segments includeSpecialty Products and Solutions (lubricants, base oils, solvents, waxes); Performance Brands (consumer products including Royal Purple®, Bel-Ray®, and TruFuel®); and Montana Renewables (renewable diesel, sustainable aviation fuel, and renewable naphtha)
What this transaction means for investors
After a nearly 200% run-up in Calumet’s share price over the past year, Adams Asset Advisors’ decision to trim 1.95 million shares looks a lot like classic profit-taking — not a loss of faith in the company. Notably, even after the sale, Calumet remains Adams’ single largest position, which says a lot about the firm’s ongoing conviction.
The business itself has shown real progress. For full-year 2025, Calumet reported revenue of $4.1 billion and adjusted EBITDA with tax attributes of $293.3 million — roughly 28% higher than the prior year — while cutting its restricted-group debt load by more than $220 million. Q4 2025 earnings per share came in at ($0.43), which — although still negative — beat analyst expectations. The company’s Montana Renewables subsidiary also secured a $1.44 billion Department of Energy loan guarantee and is pursuing a sustainable aviation fuel (SAF) expansion it estimates will add 120 to 150 million gallons of annual capacity at relatively modest incremental capital cost.
That said, Calumet remains a money-losing business for now, and energy-related stocks as a category are historically prone to large cyclical swings — driven by shifts in commodity prices, refining margins, and energy policy — that can quickly reverse. For investors interested in the specialty chemicals and renewable fuels space, diversified energy ETFs — such as the Energy Select Sector SPDR Fund (XLE 0.30%) — offer broader exposure without concentrating in a single name.
