What happened
According to an SEC filing dated April 27, 2026, Adams Asset Advisors, LLC reduced its holding in Calumet (CLMT +2.14%) 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 include Specialty 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 0.48%) -- offer broader exposure without concentrating in a single name.
