Is Calumet Specialty Products Partners (CLMT) a Smart Long-Term Buy?

Evermore Global Advisors, an asset management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. Institutional Class shares of the Evermore Global Value Fund were up 6.40% and 6.16% for the fourth quarter and year ended December 31, 2021, respectively. The Fund’s performance in the fourth quarter beat the performance of each of its benchmark indices and peer group. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Evermore Global Advisors, in its Q4 2021 investor letter, mentioned Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) and discussed its stance on the firm. Founded in 1916, Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) is an Indianapolis, Indiana-based oil and gas company with a $1.2 billion market capitalization, and is currently spearheaded by its CEO, Stephen Mawer. Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) delivered a 7.80% return since the beginning of the year, while its 12-month returns are up by 155.48%. The stock closed at $13.99 per share on March 16, 2022.

Here is what Evermore Global Advisors has to say about Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) in its Q4 2021 investor letter:

“Calumet Specialty Products Partners L.P. (CLMT US) was the largest contributor to Fund performance in the quarter, with its units appreciating 66.9% during the period. Calumet has been a Fund holding since January 2020, and our recent focus has been on the very near-term and significant value creation we see from Calumet repurposing its Great Falls, MT refinery into one that can also produce renewable diesel (“RD”) at very competitive economics. Broadly speaking, 2021 was the year the market began paying attention to the situation in earnest, with units appreciating 322%.”

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Our calculations show that Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) was in 3 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 3 funds in the previous quarter. Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) delivered a 5.80% return in the past 3 months.

In February 2021, we also shared another hedge fund’s views on Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.