Calumet is expected to report Q3 2026 consensus revenue of $1.34 billion and an EPS of $1.63, with the current stock price of $47.33 trading below the average analyst target of $56.61. Investors are primarily focused on the operational performance and EBITDA contribution from the Montana Renewables (MRL) segment following the MaxSAF expansion. Analysts anticipate a significant recovery in margins driven by strong crack spreads and the ramp-up of Sustainable Aviation Fuel (SAF) production. Recent developments include the transition of the company from a master limited partnership to a C-Corp (Calumet, Inc.), which has increased institutional interest and focus on debt reduction through MRL’s cash flow.