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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.

Calumet Inc

Investors with a lot of money to spend have taken a bullish stance on Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
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.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 11 uncommon options trades for Calumet.
This isn't normal.
The overall sentiment of these big-money traders is split between 72% bullish and 27%, bearish.
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.
<h3>Expected Price Movements</h3>
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. 
<h3>Insights into Volume &amp; Open Interest</h3>
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.
<h3>Calumet 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731353428_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</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>

<h3>About Calumet</h3>
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.
<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>
In the last month, 5 experts released ratings on this stock with an average target price of $26.4.
Unusual Options Activity Detected: Smart Money on the Move
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&#x2A; Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on Calumet with a target price of $26. 
&#x2A; An analyst from HC Wainwright &amp; Co. has revised its rating downward to Buy, adjusting the price target to $25. 
&#x2A; An analyst from Wells Fargo persists with their Overweight rating on Calumet, maintaining a target price of $29. 
&#x2A; An analyst from TD Cowen has decided to maintain their Buy rating on Calumet, which currently sits at a price target of $27. 
&#x2A; Reflecting concerns, an analyst from HC Wainwright &amp; Co. lowers its rating to Buy with a new price target of $25.
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.

Options

Markets

CLMT

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

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.

News

Price Target

Analyst Ratings

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

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.

Reiteration

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

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.

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

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.
Analysts are estimating that Calumet Specialty Prods will report an earnings per share (EPS) of $-0.34.
The market awaits Calumet Specialty Prods's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Earnings Track Record</h3>
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.
Here's a look at Calumet Specialty Prods's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.55</td>
<td>-0.67</td>
<td>-0.39</td>
<td>0.26</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.48</td>
<td>-0.51</td>
<td>-0.59</td>
<td>1.26</td>
</tr>
<tr>
<td>Price Change %</td>
<td>16.0%</td>
<td>-1.0%</td>
<td>-4.0%</td>
<td>5.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730998987_0.png" alt="eps graph" />
<h3>Performance of Calumet Specialty Prods Shares</h3>
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. 
<a href="https://www.benzinga.com/quote/CLMT/earnings">To track all earnings releases for Calumet Specialty Prods visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Look at Calumet Specialty Prods's Upcoming Earnings Report

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.

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

Wells Fargo analyst Roger Read maintains Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) with a Overweight and raises the price target from $25 to $29.

Wells Fargo Maintains Overweight on Calumet, Raises Price Target to $29

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 raises the price target from $22 to $27.

TD Cowen Maintains Buy on Calumet, Raises Price Target to $27

Investors with a lot of money to spend have taken a bearish stance on Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
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.
Today, Benzinga's options scanner spotted 14 options trades for Calumet.
This isn't normal.
The overall sentiment of these big-money traders is split between 28% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $40,200, and 13, calls, for a total amount of $1,144,494.
<h3>What's The Price Target?</h3>
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 $40.0 for Calumet, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Calumet options trades today is 4198.58 with a total volume of 5,404.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Calumet's big money trades within a strike price range of $13.0 to $40.0 over the last 30 days.
<h3>Calumet Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729181768_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$9.5</td>
<td>$9.3</td>
<td>$9.5</td>
<td>$15.00</td>
<td>$475.0K</td>
<td>1.8K</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.5</td>
<td>$3.0</td>
<td>$3.0</td>
<td>$26.00</td>
<td>$135.0K</td>
<td>5</td>
<td style="text-align: right;">601</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.7</td>
<td>$2.95</td>
<td>$3.4</td>
<td>$25.00</td>
<td>$85.0K</td>
<td>11.6K</td>
<td style="text-align: right;">251</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$1.75</td>
<td>$1.5</td>
<td>$1.55</td>
<td>$30.00</td>
<td>$77.5K</td>
<td>11</td>
<td style="text-align: right;">500</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$3.8</td>
<td>$3.6</td>
<td>$3.6</td>
<td>$20.00</td>
<td>$72.0K</td>
<td>1.2K</td>
<td style="text-align: right;">214</td>
</tr>
</tbody>
</table>

<h3>About Calumet</h3>
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.
After a thorough review of the options trading surrounding Calumet, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Where Is Calumet Standing Right Now?</h3>
<ul>
<li>With a volume of 1,520,256, the price of CLMT is up 15.37% at $25.3. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 21 days.</li>
</ul>
<h3>What The Experts Say On Calumet</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $25.0.
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&#x2A; An analyst from HC Wainwright &amp; Co. has revised its rating downward to Buy, adjusting the price target to $25. 
&#x2A; In a cautious move, an analyst from HC Wainwright &amp; Co. downgraded its rating to Buy, setting a price target of $25. 
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What the Options Market Tells Us About Calumet

WIIM

Calumet shares are trading higher after the company announced its subsidiary, Montana Renewables secured a $1.44 billion conditional commitment from the DOE for renewable fuels and biomass energy facility.

Shares of Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) rose sharply in today's pre-market trading following <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">better-than-expected quarterly results.</a>
TSMC reported consolidated third-quarter revenue of NT$759.69 billion ($23.50 billion), up 39% year-over-year. Sequentially, the top line expanded by 12.8%. In dollar terms, the revenue growth was 36% year-over-year and 12.9% quarter-over-quarter. Revenue topped the NT$748 billion consensus, as provided by Bloomberg.
Taiwan Semiconductor Manufacturing shares jumped 8.1% to $202.75 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Staffing 360 Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STAF#NASDAQ">STAF</a>) rose 354.4% to $6.27 in pre-market trading after gaining over 7% on Wednesday.</li>
<li>VS MEDIA Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSME#NASDAQ">VSME</a>) gained 165.7% to $5.90 in pre-market trading after jumping around 128% on Wednesday.</li>
<li>Brera Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BREA#NASDAQ">BREA</a>) shares surged 144.1% to $1.70 in pre-market trading.</li>
<li>Molecular Templates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTEM#NASDAQ">MTEM</a>) gained 105% to $0.6672 in pre-market trading. Molecular Templates recently announced it approved the liquidation and wind-up of the company.</li>
<li>1847 Holdings LLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NASDAQ">EFSH</a>) rose 61.3% to $2.71 in pre-market trading after jumping 24% on Wednesday.</li>
<li>Gevo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEVO#NASDAQ">GEVO</a>) shares jumped 36.9% to $3.08 in pre-market trading after the company announced it secured a DOE conditional commitment loan of $1.46 billion for its net-zero 1 sustainable aviation fuel plant in South Dakota.</li>
<li>Klotho Neurosciences, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLTO#NASDAQ">KLTO</a>) climbed 29.9% to $0.7297 in pre-market trading after jumping 15% on Wednesday. Klotho Neurosciences recently tapped Peter Moriarty of Shire Pharma as COO.</li>
<li>Fresh Vine Wine, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VINE#NYSE">VINE</a>) shares rose 22.4% to $0.97 in pre-market trading after gaining around 7% on Wednesday. The company recently announced the acquisition of Adifex.</li>
<li>Calumet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) gained 21.7% to $26.69 in pre-market trading after the company announced its subsidiary, Montana Renewables secured a $1.44 billion conditional commitment from the DOE for renewable fuels and biomass energy facility.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Santech Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STEC#NASDAQ">STEC</a>) shares dipped 38.5% to $1.66 in pre-market trading after jumping around 647% on Wednesday.</li>
<li>180 Life Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATNF#NASDAQ">ATNF</a>) shares fell 29.1% to $4.59 in pre-market trading. 180 Life Sciences shares jumped 325% on Wednesday after the company announced it is planning to enter the online gaming industry with its newly acquired gaming technology platform.</li>
<li>Versus Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VS#NASDAQ">VS</a>) fell 29.1% to $2.79 in today's pre-market trading. Versus Systems shares jumped 250% on Wednesday after the company announced a $2.5 million investment and licensing agreement with ASPIS.</li>
<li>Carmell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTCX#NASDAQ">CTCX</a>) fell 25.1% to $0.4710 in pre-market trading. Carmell shares surged around 68% on Wednesday after the company in a FormRW filing disclosed that it decided to not pursue the offering due to business decisions and confirmed that no securities covered by the Registration Statement have been issued or sold and that the SEC did not declare the Registration Statement effective.</li>
<li>Fangdd Network Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUO#NASDAQ">DUO</a>) shares declined 22.4% to $1.11 in pre-market trading after jumping 55% on Wednesday. Fangdd Network Group, last week, said it regained compliance status with the Nasdaq regarding its minimum bid price requirement.</li>
<li>Quoin Pharmaceuticals, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QNRX#NASDAQ">QNRX</a>) declined 20.2% to $0.6291 in pre-market trading after jumping 56% on Wednesday.</li>
<li>SAIHEAT Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIH#NASDAQ">SAIH</a>) shares fell 19.8% to $0.7570 after jumping 64% on Wednesday.</li>
<li>Gritstone bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRTS#NASDAQ">GRTS</a>) shares declined 16.6% to $0.0500 in pre-market trading after falling over 12% on Wednesday.</li>
<li>ProQR Therapeutics N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRQR#NASDAQ">PRQR</a>) shares fell 16.2% to $3.37 in pre-market trading after surging 122% on Wednesday.</li>
<li>Lucid Group, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) fell 14.6% to $2.80 in pre-market trading after the company announced a public offering of common stock, along with a corresponding investment by an affiliate of the Public Investment Fund.</li>
</ul>
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Pre-Market Outlook

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Trading Ideas

ATNF

BREA

CTCX

EFSH

GEVO

GRTS

KLTO

LCID

MTEM

PRQR

QNRX

SAIH

STAF

STEC

VINE

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Why TSMC Shares Are Trading Higher By Around 8%; Here Are 20 Stocks Moving Premarket

Calumet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) and Gevo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEVO#NASDAQ">GEVO</a>) shares are on the move in extended trading Wednesday after the companies received conditional commitments from the <a href="https://www.benzinga.com/pressreleases/24/10/g41369229/gevo-secures-conditional-commitment-from-u-s-department-of-energy-loan-programs-office-for-its-net">U.S. Department of Energy (DOE)</a>.
What Happened With CLMT: Calumet announced Wednesday that the DOE Loan Programs Office awarded a conditional commitment for a loan guarantee of up to&nbsp;$1.44 billion&nbsp;to fund the construction and expansion of a renewable fuels facility owned by Calumet subsidiary Montana Renewables.
The loan guarantee is structured in two tranches.&nbsp;The first tranche of approximately $778 million is expected to close in the fourth quarter and be disbursed from 2025 through the anticipated completion of the project in 2028. A&nbsp;$150 million&nbsp;equity investment will also be made at the initial closing.
&#8220;Through our collaboration with the U.S. Department of Energy, we are thrilled to continue forward on the leading edge of our nation&#8217;s Sustainable Aviation Fuel transition,&#8221; said&nbsp;Todd Borgmann, CEO of Calumet. 
&#8220;This investment will allow us to leverage our first-mover advantage and unique renewable hydrogen and pretreatment technologies to transform Montana Renewables into a world scale SAF producer.&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41366736/netflix-q3-earnings-preview-ad-supported-plan-price-hikes-and-content-slate-key-foc">Netflix Q3 Earnings Preview: Ad-Supported Plan, Price Hikes, And Content Slate Key Focus As Company &#8216;Adds More And More Live Content&#8217;</a>
What Happened With GEVO: Gevo was also awarded a conditional commitment for a loan guarantee from the DOE&#8217;s Loan Programs Office, with disbursements totaling&nbsp;$1.46 billion. The commitment is related to the construction of the company&#8217;s Net-Zero 1 project (NZ1) in South Dakota.&nbsp;
&#8220;This marks a watershed moment for the Net-Zero 1 project and a critical step forward in Gevo&#8217;s mission to transform the aviation industry by providing a scalable, sustainable, and economical renewable-carbon-based jet fuel — SAF,&#8221; said Patrick Gruber, CEO of Gevo.
&#8220;This valuable commitment to help finance NZ1, if finalized, should also attract other capital investments to unlock SAF commercialization given the robust due diligence conducted by the agency.&#8221;
CLMT, GEVO Price Action: At publication time after market hours, Calumet shares were up 19.74% at $26.26 and Gevo shares were up 46.22% at $3.28, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
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Calumet, Gevo Shares Are Soaring Wednesday: What's Going On?

The expansion would position Montana Renewables as one of the largest Sustainable Aviation Fuel producers globally with production capacity of approximately 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel.

Calumet Subsidiary  Montana Renewables Secures $1.44B Conditional Commitment From DOE For Renewable Fuels And Biomass Energy Facility

Restricted subsidiary Calumet Montana Refining, LLC (&quot;CMR&quot;) entered into a new agreement with Stonebriar in which CMR sold certain of its assets to Stonebriar for&nbsp;$150 million&nbsp;and leased back the same assets.

Calumet Reveals Series Of Related Agreements With Stonebriar Commercial Finance

Investors with a lot of money to spend have taken a bullish stance on Calumet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
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.
Today, Benzinga's options scanner spotted 11 options trades for Calumet.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 45%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $109,109, and 10, calls, for a total amount of $351,131.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $16.0 to $40.0 for Calumet during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
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 $16.0 to $40.0 in the last 30 days. 
<h3>Calumet Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724961716_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CLMT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$22.8</td>
<td>$20.8</td>
<td>$21.38</td>
<td>$40.00</td>
<td>$109.1K</td>
<td>0</td>
<td style="text-align: right;">51</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$3.0</td>
<td>$2.85</td>
<td>$2.85</td>
<td>$16.00</td>
<td>$45.4K</td>
<td>1.0K</td>
<td style="text-align: right;">509</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$3.2</td>
<td>$3.0</td>
<td>$3.0</td>
<td>$16.00</td>
<td>$44.4K</td>
<td>1.0K</td>
<td style="text-align: right;">148</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$3.7</td>
<td>$3.6</td>
<td>$3.6</td>
<td>$20.00</td>
<td>$36.0K</td>
<td>17.0K</td>
<td style="text-align: right;">466</td>
</tr>
<tr>
<td>CLMT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.6</td>
<td>$3.4</td>
<td>$3.54</td>
<td>$20.00</td>
<td>$35.6K</td>
<td>17.0K</td>
<td style="text-align: right;">455</td>
</tr>
</tbody>
</table>

<h3>About Calumet</h3>
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.
Following our analysis of the options activities associated with Calumet, we pivot to a closer look at the company's own performance.
<h3>Where Is Calumet Standing Right Now?</h3>
<ul>
<li>With a trading volume of 380,972, the price of CLMT is down by -2.45%, reaching $18.07.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 70 days from now.</li>
</ul>
<h3>What The Experts Say On Calumet</h3>
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $19.333333333333332.
<ul>
<li>An analyst from HC Wainwright &amp; Co. downgraded its action to Buy with a price target of $25. </li>
<li>Consistent in their evaluation, an analyst from TD Cowen keeps a Buy rating on Calumet with a target price of $18. </li>
<li>Consistent in their evaluation, an analyst from Goldman Sachs keeps a Buy rating on Calumet with a target price of $15. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Calumet, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Calumet's Options Frenzy: What You Need to Know

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Shares of oil and gas companies are trading lower as traders assess supply disruption in Libya and reports of soft demand in China. Data showed a smaller-than-expected draw in crude oil inventories and the EIA reported a build in weekly distillates stocks.

U.S. stocks were lower, with the Dow Jones index falling around 100 points on Thursday.
Shares of Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) rose sharply during Thursday's session following <a href="https://www.benzinga.com/news/earnings/24/08/40495102/zoom-video-reports-better-than-expected-q2-results-strong-forward-guidance-details">better-than-expected reported second-quarter financial results.</a>
Zoom reported quarterly earnings of $1.39 per share which beat the analyst consensus estimate of $1.21 by 14.88%. Quarterly revenue of $1.16 billion also beat the consensus estimate and is a 2.09% increase from the same period last year.
Zoom Video shares jumped 12.2% to $67.62 on Thursday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Peloton Interactive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTON#NASDAQ">PTON</a>) shares jumped 27% to $4.27 after reporting better-than-expected second-quarter financial results.</li>
<li>Rezolve AI Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>) gained 21% to $10.70 after the company announced a partnership with ePages.</li>
<li>Opera Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRA#NASDAQ">OPRA</a>) rose 16.7% to 14.99 after the company reported better-than-expected second-quarter financial results. Also, the company issued FY24 revenue guidance above estimates.</li>
<li>EHang Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EH#NASDAQ">EH</a>) gained 14.6% to $14.30 after the company reported better-than-expected second-quarter financial results.</li>
<li>Grifols, S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRFS#NASDAQ">GRFS</a>) rose 11.5% to $8.55.</li>
<li>Olaplex Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLPX#NASDAQ">OLPX</a>) rose 11.4% to $2.44.</li>
<li>Calumet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) gained 11.4% to $19.53.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) gained 10.2% to $14.89.</li>
<li>OSI Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OSIS#NASDAQ">OSIS</a>) rose 8.6% to $157.00 after the company reported better-than-expected fourth-quarter financial results and issued FY25 guidance above estimates.</li>
<li>Lindblad Expeditions Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIND#NASDAQ">LIND</a>) gained 8.6% to $8.93.</li>
<li>Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>) rose 8.5% to $2.18.</li>
<li>Redfin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) rose 7% to $9.66.</li>
<li>MINISO Group Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NASDAQ">MNSO</a>) gained 4.7% to $16.14.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40506247/ibm-is-doing-a-great-job-jim-cramer-says-but-dont-buy-this-real-estate-stock">IBM Is Doing A &#8216;Great Job,&#8217; Jim Cramer Says — But Don&#8217;t Buy This Real Estate Stock</a></li>
</ul>

Intraday Update

GRFS

LIND

MNSO

OLPX

OPEN

OPRA

OSIS

PTON

RDFN

RZLV

Zoom Video Posts Strong Q2 Results, Joins Peloton Interactive, Opera And Other Big Stocks Moving Higher On Thursday

In a report released today, Neil Mehta from Goldman Sachs maintained a Buy rating on Calumet Specialty Products (CLMT – Research Report). The compa...

Goldman Sachs Remains a Buy on Calumet Specialty Products (CLMT)

Calumet: Almost $1.5 Billion DoE Loan Guarantee Realizes The Max Bull Case

Roger Read, an analyst from Wells Fargo, maintained the Buy rating on Calumet Specialty Products (CLMT – Research Report). The associated price tar...

Roger Read Recommends 'Buy' for Calumet Specialty Products Amidst Strategic Financial Advancements and SAF Growth Potential

Wells Fargo raised the firm's price target on Calumet Specialty Products (CLMT) to $29 from $25 and keeps an Overweight rating on the shares. The f...

Calumet Specialty Products price target raised to $29 from $25 at Wells Fargo

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Calumet, Inc. GAAP EPS of -$1.18 misses by $0.58, revenue of $1.1B beats by $127.88M

Calumet, Inc. 2024 Q3 - Results - Earnings Call Presentation

Calumet Specialty Products ( ($CLMT) ) has released its Q3 earnings. Here is a breakdown of the information Calumet Specialty Products presented to...

Calumet Reports Q3 2024 Earnings Amid Strategic Shifts

TD Cowen analyst Jason Gabelman lowered the firm's price target on Calumet Specialty Products (CLMT) to $26 from $27 and keeps a Buy rating on the ...

Calumet Specialty Products price target lowered to $26 from $27 at TD Cowen

Long-Term Investing In Calumet Specialty Products

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Commodities

Offerings

Press Releases

Calumet Specialty Products Partners, L.P. Enters into Support Agreement and Announces Commencement of Exchange Offer for any and all of Outstanding 11.00% Senior Notes due 2025

Calumet Provides Preliminary Third Quarter 2024 Selected Financial Results

Montana Renewables Delivers First Shipment of Sustainable Aviation Fuel for Detroit Metropolitan Airport

Calumet, Inc. to Release Third Quarter 2024 Earnings on November 8, 2024

Calumet to Attend Goldman Sachs Carbonomics Conference

Calumet Announces Early Results for its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025

Calumet Reports Third Quarter 2024 Results

Calumet to Participate in December 2024 Investor Conferences

Calumet Announces Expiration and Final Results for its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025

Calumet Announces Settlement of its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025 and Issues Notice of Full Redemption for the Remaining 11.00% Senior Notes due 2025

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