Calumet Specialty Products Partners, L.P. (CLMT) - NASDAQ
  • Mon, Jun. 13, 2:05 PM
    | Mon, Jun. 13, 2:05 PM | 5 Comments
  • Tue, Jun. 7, 2:02 PM
    | Tue, Jun. 7, 2:02 PM | 10 Comments
  • Thu, May 5, 2:59 PM
    • MDU Resources (MDU -0.2%) and Calumet Specialty Products Partners (CLMT +3.5%), joint owners of the Dickinson refinery - the first North Dakota refinery to be built since the 1970s - say they may try to sell it.
    • MDU says it lost $7.2M on the 20K bbl/day refinery, which opened a year ago, during Q1 and is now running at 75% capacity due to high operating costs and reduced demand for diesel, Dickinson's primary product.
    • CLMT CEO Tim Go said in today's earnings conference call that the company has started a "comprehensive review of our existing assets," including the refinery, which has “underperformed” with “consistent challenges.”
    • The oil price slump has eroded demand for diesel across North Dakota as fewer wells are brought online, resulting in fewer diesel-powered trucks and other equipment in operation.
    • Now read Calumet Specialty Products higher after Q1 results, DA Davidson upgrade
    | Thu, May 5, 2:59 PM | 8 Comments
  • Thu, May 5, 11:59 AM
    • Calumet Specialty Products Partners (CLMT +2.7%) is higher after reporting a Q1 loss that was not as bad as feared after pre-announcing weaker than expected operating results last month.
    • CLMT says benchmark crack spreads in April improved from Q1, an early indication of improved market conditions in its fuel products segment, and it expects to sell "significant volumes" of heavy residual products to its customers during Q2 and Q3 as asphalt paving and roofing season begins.
    • DA Davidson upgrades shares to Neutral from Underperform with a $5 price target, citing the sharp pullback in recent weeks and the potential for self-help initiatives, although Q1 results saw little improvement as fuel refining margins remained under pressure; the firm downgraded CLMT less than a month ago.
    | Thu, May 5, 11:59 AM | 10 Comments
  • Thu, May 5, 9:12 AM
    | Thu, May 5, 9:12 AM | 2 Comments
  • Tue, Apr. 19, 2:15 PM
    • Calumet Specialty Products Partners (CLMT -12.8%) suffers another sharp loss following yesterday's nearly 50% drop after it suspended its quarterly cash distribution and guided for a Q1 loss of $59M-$83M compared to expectations of a loss of just $19M.
    • CLMT is downgraded to Underperform from Buy with a $5 price target at DA Davidson, which sees little improvement ahead as fuel refining margins remain under pressure.
    • Davidson admits it was far too optimistic in expected adjusted EBITDA of $52.4M; the company now expects EBITDA of no more than $3M and as low as a $17M loss, down from $21.7M in Q4 2015; the firm says it believed CLMT's operating results would return closer to early 2015 performance, but it's not even close.
    • Now read How messed up is Calumet Specialty Products?
    | Tue, Apr. 19, 2:15 PM | 14 Comments
  • Tue, Apr. 19, 12:49 PM
    | Tue, Apr. 19, 12:49 PM | 5 Comments
  • Mon, Apr. 18, 12:45 PM
    | Mon, Apr. 18, 12:45 PM | 9 Comments
  • Mon, Apr. 18, 12:17 PM
    • Calumet Specialty Products Partners (CLMT -41.1%) has fallen as much as 52% to an all-time low $4.90 on heavy volume, following Friday's news after the close that it was suspending its distribution and warning of a wider than expected Q1 loss.
    • At least four research firms - Raymond James, RBC, Janney and Wells Fargo - downgraded shares, and Scotia Howard Weil cut its target price to $5 from $19.
    • BofA Merrill Lynch maintains its Underperform rating but says it was surprised by the size of the distribution cut, and that "as the only fixed distribution refining MLP, we believe that while the move is necessary and will improve CLMT’s liquidity, it also challenges an equity investment case predicated largely on yield as a differentiating factor."
    • Now read How messed up is Calumet Specialty Products?
    | Mon, Apr. 18, 12:17 PM | 5 Comments
  • Mon, Apr. 18, 9:20 AM
    | Mon, Apr. 18, 9:20 AM | 23 Comments
  • Fri, Apr. 15, 6:58 PM
    | Fri, Apr. 15, 6:58 PM | 73 Comments
  • Mon, Apr. 11, 12:57 PM
    • Apart from the end of seasonal trade, the biggest reason to sell refiner holdings this summer is the increasing likelihood of recession in 2017 and more so in 2018, Credit Suisse says, also expressing concern about deterioration of diesel margins.
    • Credit Suisse expects tight butane blending spreads and stock specific maintenance will have a negative impact on the already weak performance of U.S. independent refiners in 2016.
    • The firm downgrades "sector bellwether" Valero Energy (VLO -2.5%), Alon USA Partners (ALDW -1.3%), Northern Tier Energy (NTI -0.8%) to Neutral from Outperform and Calumet Specialty Products Partners (CLMT -2.9%) to Underperform from Outperform.
    • Now read The best of the best in the refining industry
    | Mon, Apr. 11, 12:57 PM | 9 Comments
  • Fri, Feb. 19, 10:49 AM
    • Calumet Specialty Products Partners (CLMT -9.9%) sinks to a 52-week low after Credit Suisse downgrades units to Neutral from Outperform with an $18 price target, cut from $32, following weak Q4 results.
    • Credit Suisse says it applauds CLMT's desire to focus on its core specialties business and away from more commoditized pursuits, but adds it could be a long road ahead before CLMT finds its business on a more stable footing, with balance sheet and dividend path risks not entirely shared by other refiner MLP names.
    • The firm is less optimistic generally about U.S. independent refiners, and cuts its price targets for CVR Refining (CVRR -5.9%) to $16 from $23, and for Alon USA Partners (ALDW -2.6%) to $21 from $31.
    | Fri, Feb. 19, 10:49 AM | 26 Comments
  • Wed, Jan. 20, 7:55 AM
    • Calumet Specialty Products Partners (NASDAQ:CLMT+7.5% premarket after declaring a $0.685 Q4 dividend, unchanged from the prior dividend, as it reaffirms its objective of "providing all unitholders a stable-to-growing quarterly cash distribution."
    • CLMT also says it expects 2016 capex of $125M-$150M, a 60%-plus Y/Y decline, due in part to the conclusion of a multi-year organic growth project campaign in late 2015.
    • CLMT says it has sufficient liquidity from cash on hand and from operations, as well as availability under its $1B asset based revolving credit facility, to fund general business requirements.
    | Wed, Jan. 20, 7:55 AM | 11 Comments
  • Dec. 16, 2015, 12:13 PM
    • Congress has agreed to lift the 40-year-old ban on crude oil exports, but refiners are holding up well as the group wins a tax break on the cost of transporting oil as part of the deal.
    • The tax provision meant to blunt potential damage to domestic refiners of allowing unfettered crude exports would allow non-integrated refiners to count 75% of their oil transportation costs toward an existing manufacturing tax deduction.
    • Refiners are "positioned to succeed regardless,” says Carl Larry, head of oil and gas for Frost & Sullivan. “They can still make products cheaper than anywhere in the world... Regardless of whether the U.S. exports crude, they’ll be ahead of the game.”
    • Wells Fargo contends that lifting the ban will have only a minimal impact in the short term, and notes that Phillips 66 (PSX +1.6%) has indicated lifting the move would have no material impact at least for one year; Valero Energy (VLO +1.2%) is better positioned than most because it already relies on a larger percentage of foreign oil for its feedstock to make gasoline and other petroleum products, says Simmons analyst Jeff Dietert.
    • Also: TSO +2.5%, MPC +0.9%, HFC +2.4%, PBF +1.6%, WNR +4.9%, NTI +1.6%, ALJ +1%, CLMT -2.2%.
    • Earlier: Solar stocks soar as Congress proposes extending solar/wind tax credits
    | Dec. 16, 2015, 12:13 PM | 24 Comments
  • Dec. 4, 2015, 12:41 PM
    • Credit Suisse analyst Edward Westlake says favorable market conditions that drove the oil refining business this year will carry over into next year, making many refiner stocks strong buys.
    • Global gasoline demand grew at 3x its historical rate in 2015, and while consensus expectations for gasoline demand predict a regression closer to the long-term trend in 2016, Westlake sees at least another year of strong demand growth remaining.
    • The analyst says he has been surprised at Q4 performance so far , and predicts a 2016 environment conducive to earnings strength, especially among coastal names.
    • Credit Suisse has Outperform ratings on these refiners: VLO +1.6%, NTI +0.5%, CLMT +1.5%, MPC +3%, TSO +1.2%, ALDW -2.3%, WNR +1.6%, PBF +0.2%, DK +1.7%.
    | Dec. 4, 2015, 12:41 PM | 23 Comments
Company Description
Calumet Specialty Products Partners LP engages in the production of specialty hydrocarbon products in North America. It operates through three business segments: Specialty, Fuel Products and Oilfield Services. The Specialty Products segment processes crude oil and other feedstocks into a wide... More
Industry: Oil & Gas Refining & Marketing
Country: United States