David C. Hardie, a director at Hallador Energy Co. (NASDAQ:HNRG), recently sold shares of the company's common stock, according to a recent SEC filing. The transactions were conducted over three days, from November 15 to November 19, 2024.
On November 15, Hardie sold 44,699 shares at an average price of $12.8834 per share. This was followed by a sale of 23,604 shares on November 18 at an average price of $13.1106 per share. Finally, on November 19, he sold 388 shares at an average price of $12.9142 per share. The total value of these transactions amounted to $890,348.
Following these transactions, Hardie holds 2,106,731 shares indirectly through Hallador Alternative Assets Fund LLC.
In other recent news, Hallador Energy reported significant developments during its Third Quarter 2024 Earnings Call. The company has seen a positive shift in its business, transitioning to an independent power producer. A non-binding term sheet with a global data center developer could secure long-term energy contracts, indicating an optimistic future.
Hallador Energy reported a gross margin increase in power generation and secured a $60 million prepaid power purchase agreement for 2025 and 2026. However, the company experienced a decline in coal sales due to production cuts. Despite high coal production costs, the company expects potential improvements.
The company's Q3 power generation increased to 1.1 million megawatt hours, while electric sales rose to $71.7 million. Conversely, coal sales dropped to $48.3 million year-over-year. Net income in Q3 was $1.6 million, a significant recovery from a $10.2 million loss in the previous quarter. These are recent developments that have shaped the company's current standing.
InvestingPro Insights
Recent insider selling activity at Hallador Energy Co. (NASDAQ:HNRG) comes amid a period of significant stock price appreciation. According to InvestingPro data, HNRG has seen a strong return of 119.49% over the last three months and is currently trading near its 52-week high, with the price at 95.47% of its peak.
Despite the positive stock performance, InvestingPro Tips highlight some potential concerns for investors. Analysts anticipate a sales decline in the current year, and the company is not expected to be profitable this year. Additionally, HNRG suffers from weak gross profit margins, which stood at 20.07% for the last twelve months as of Q3 2023.
It's worth noting that while the stock has shown strong returns, the company operates with a moderate level of debt and does not pay a dividend to shareholders. These factors, combined with the recent insider selling, may warrant closer scrutiny by potential investors.
For a more comprehensive analysis, InvestingPro offers 12 additional tips for HNRG, providing deeper insights into the company's financial health and market position.
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