Adams Asset Advisors Trims Calumet Position Following 200% Surge

Adams Asset Advisors has offloaded approximately $50.3 million of its holdings in Calumet (CLMT) during the first quarter of 2026. The firm sold 1,954,039 shares, a move widely interpreted as strategic profit-taking following a nearly 200% increase in the stock's price over the last twelve months. Despite the divestment, Calumet remains a cornerstone of the Adams portfolio. The remaining stake of 3,202,232 shares is valued at roughly $115 million, representing 12.9% of the firm's total assets under management (AUM), signaling continued conviction in the company's long-term trajectory. Calumet's operational performance has shown notable improvement. For the full year 2025, the company reported $4.1 billion in revenue and an adjusted EBITDA of $293.3 million, marking a 28% year-over-year increase. Furthermore, the company successfully reduced its restricted-group debt load by more than $220 million. The company is aggressively pursuing a transition toward renewable energy. Its Montana Renewables subsidiary recently secured a $1.44 billion loan guarantee from the Department of Energy to expand sustainable aviation fuel (SAF) capacity by an estimated 120 to 150 million gallons annually. However, Calumet continues to operate as a loss-making entity, with Q4 2025 earnings per share at ($0.43). The company remains exposed to the inherent cyclicality of the energy sector, where shifts in refining margins and commodity prices can lead to significant price volatility.