Hallador Energy Company
- Open
- 17.82
- Day high
- 18.18
- Day low
- 17.09
- Prev close
- 17.39
- Volume
- 386K
- Mkt cap
- $812M
- P/E (TTM)
- 31.6
- EPS (TTM)
- $0.54
- P/B
- 4.0
- P/S
- 1.8
- Yield
- —
- Per share
- —
- ▲Insiders net buying $421K over the last 3 months (4 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Hallador Energy Company (HNRG) is a Energy company listed on NASDAQ. The stock is up 13% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Hallador Energy Company (HNRG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HNRG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.16 | $-0.20 | -25.0% | $102M | -0.5% |
| Mar 12, 2026 | $-0.01 | $-0.01 | -46.0% | $102M | -3.3% |
| Mar 17, 2025 | $-0.18 | $-0.02 | +88.9% | $94M | -1.3% |
| Mar 13, 2024 | $0.29 | $-0.27 | -193.1% | $118M | -40.5% |
| Mar 16, 2023 | $0.20 | $0.93 | +365.0% | $152M | +158.2% |
| Nov 14, 2022 | $0.08 | $0.05 | -37.5% | $85M | — |
| Aug 15, 2022 | — | $-0.11 | — | $66M | — |
| May 23, 2022 | $-0.06 | $-0.33 | -450.0% | $59M | +0.0% |
| May 3, 2021 | $-0.01 | $-0.03 | -175.0% | $47M | -59.6% |
| Mar 9, 2021 | $-0.02 | $-0.15 | -850.0% | $65M | — |
| Nov 2, 2020 | $0.17 | $0.11 | -35.3% | $65M | -32.5% |
| Mar 9, 2020 | $0.00 | $0.08 | +6101.6% | $78M | +5859.0% |
HNRG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Hudson Daniel Timothydirector | Buy | 5,000 | $16.90 |
| Jun 25, 2026 | Hudson Daniel Timothydirector | Buy | 2,000 | $17.70 |
| Jun 25, 2026 | Telesz Todd Eofficer: Chief Financial Officer | Option | 8,219 | $17.73 |
| Jun 25, 2026 | Hudson Daniel Timothydirector | Buy | 3,000 | $17.04 |
| Jun 25, 2026 | Telesz Todd Eofficer: Chief Financial Officer | Tax | 2,610 | $17.73 |
| Jun 17, 2026 | Wesley Charles Ray IVdirector | Buy | 15,000 | $16.69 |
| Jun 1, 2026 | Gray Zarrell Thomasdirector | Grant | 6,047 | — |
| Jun 1, 2026 | Hudson Daniel Timothydirector | Grant | 4,927 | — |
| Jun 1, 2026 | Wesley Charles Ray IVdirector | Grant | 6,047 | — |
| Jun 1, 2026 | Sugg Barbara Anndirector | Grant | 5,375 | — |
| Jun 1, 2026 | LUBAR DAVID Jdirector, 10 percent owner: | Grant | 6,316 | — |
| Apr 16, 2026 | Bilsland Brent Kdirector, officer: President and CEO | Grant | 69,808 | — |
| Apr 16, 2026 | Telesz Todd Eofficer: Chief Financial Officer | Grant | 15,998 | — |
| Apr 16, 2026 | Lovell Heath Aaronofficer: Chief Operating Officer | Grant | 23,270 | — |
| Apr 2, 2026 | Bilsland Brent Kdirector, officer: President and CEO | Option | 105,079 | $16.28 |
Source: HNRG SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full HNRG insider & 13F page →Hallador Energy Company company profile
Overview
Hallador Energy Company (NASDAQ:HNRG) is a coal mining and electric power generation company founded in 1949 and headquartered in Terre Haute, Indiana. Originally established as a coal producer serving the electric power generation industry in Indiana, the company has undergone a significant strategic transformation since 2022. Hallador operates underground coal mines in Indiana and owns the Merom Power Plant, a 1-gigawatt coal-fired power generation facility acquired in October 2022. The company is currently transitioning from a traditional coal producer to a vertically integrated independent power producer, positioning itself to capitalize on growing electricity demand from data centers and industrial users.
Business
Hallador Energy operates in two primary business segments within the energy sector. The coal mining segment produces steam coal specifically used for electric power generation. Steam coal is a type of coal with lower sulfur content that burns more cleanly than other coal varieties, making it suitable for electricity generation while meeting environmental standards. The company operates three underground mines in Indiana: Oaktown Mine 1, Oaktown Mine 2 (both located in Oaktown), and the Ace in the Hole mine near Clay City. These mines extract coal from underground seams using longwall and room-and-pillar mining techniques. The electric power generation segment centers around the Merom Power Plant, a 1-gigawatt coal-fired facility capable of generating up to 6 million megawatt hours annually. A megawatt hour represents the amount of energy produced by generating one megawatt of power for one hour - enough electricity to power approximately 750 average homes for an hour. The power plant burns coal to create steam that drives turbines to generate electricity, which is then sold into wholesale electricity markets or directly to large industrial customers. Based on recent financial data, the electric sales segment has been growing in importance, generating approximately 73% of total revenue ($85.9 million out of $117.8 million in Q1 2025), while coal sales to external customers represented about 27% of revenue ($54.8 million). This shift reflects the company's strategic pivot toward becoming a vertically integrated power producer rather than primarily a coal supplier.
Revenue model
Hallador generates revenue through two primary business models. The coal sales model involves extracting coal from its underground mines and selling it to external electric utilities and power plants at market prices. Coal pricing is typically based on factors including heat content (measured in BTUs), sulfur content, and transportation costs. The company sells coal both through spot market transactions and longer-term supply contracts. The electric power sales model involves burning coal at the Merom Power Plant to generate electricity, which is then sold into wholesale power markets or through direct power purchase agreements with large industrial customers. The company receives revenue from both energy sales (the actual electricity generated) and capacity payments (compensation for maintaining generation capability to ensure grid reliability). Power sales are conducted through various mechanisms including bilateral contracts, forward sales agreements, and real-time market transactions. Several factors significantly impact Hallador's margins and profitability. Positive margin drivers include rising electricity demand from data centers and artificial intelligence computing facilities, which require substantial amounts of reliable baseload power. Grid reliability concerns and the retirement of other coal plants create scarcity value for dispatchable generation capacity. The company's vertical integration allows it to capture margins at both the fuel production and power generation levels. Negative margin pressures include volatile natural gas prices (which compete with coal for power generation), environmental regulations that may require costly upgrades, transportation costs for coal delivery, and competition from renewable energy sources. Labor costs and mining equipment expenses also directly impact coal production margins, while power plant maintenance and environmental compliance costs affect generation margins.
Competitive moat
Hallador's competitive moat is moderate but narrowing due to the structural decline of the coal industry. The company's primary moat stems from its vertical integration - owning both coal mines and a power plant allows it to capture margins across the entire value chain and provides operational flexibility to optimize between coal sales and power generation based on market conditions. The Merom Power Plant's dispatchable baseload capacity provides some defensive value, as it can generate electricity on demand regardless of weather conditions, unlike intermittent renewable sources. However, this moat faces significant long-term challenges. The coal industry is in structural decline due to environmental regulations, competition from cheaper natural gas and renewable energy, and corporate sustainability commitments. Many utilities are retiring coal plants and transitioning to cleaner energy sources. Hallador's geographic concentration in Indiana also limits its market reach compared to larger, more diversified energy companies. The company is attempting to strengthen its competitive position by pivoting toward data center power sales, where reliable baseload power commands premium pricing. Data centers require consistent, 24/7 electricity supply and are less price-sensitive than traditional utility customers. If successful, this strategy could create a more defensible niche market. However, competition from natural gas plants, which can also provide reliable baseload power with lower emissions, and the eventual development of battery storage and other grid stability solutions pose ongoing threats to coal-fired generation's competitive position.
Risks & safety
Hallador presents moderate financial risk with some concerning liquidity metrics but manageable debt levels. • Liquidity concerns: Current ratio of 0.60 indicates current liabilities exceed current assets by $70 million, suggesting potential short-term cash flow challenges • Debt management: Total debt-to-equity ratio of 0.15 is relatively low, with bank debt reduced to $23 million as of Q1 2025 • Cash position: Limited cash reserves of $6.9 million, though total liquidity reaches $69 million including credit facilities • Operational cash flow: Positive operating cash flow of $38.4 million in Q1 2025 shows improved operational performance • Valuation metrics: Trading at 13.1x P/E ratio and 4.6x EV/EBITDA, which appears reasonable for a transitioning energy company • Asset impairment risk: Recorded $215 million in non-cash asset impairments in 2024, indicating potential overvaluation of mining assets • Industry headwinds: Structural decline in coal demand creates ongoing business model risk despite near-term data center opportunities
Recent development
Over the past two years, Hallador has executed a dramatic strategic transformation from a traditional coal mining company to a vertically integrated independent power producer. The pivotal moment came with the acquisition of the 1-gigawatt Merom Power Plant in October 2022 for approximately $200 million, fundamentally changing the company's business model. The company has restructured its coal operations by reducing annual production capacity from 7.5 million tons to approximately 3.8 million tons, closing higher-cost mines including Prosperity and Freelandville, and reducing workforce by over 25%. This optimization focuses on the most profitable coal reserves while reducing operational complexity and costs. Power market positioning has become the primary growth driver, with management aggressively pursuing long-term power purchase agreements with industrial customers, particularly data centers. The company signed a non-binding term sheet with a global data center developer and is negotiating what could be a decade-plus power supply contract covering the majority of Merom's output. Forward power sales have grown dramatically, with the company securing $1.6 billion in forward sales commitments extending through 2026. Financial restructuring has strengthened the balance sheet through debt reduction (bank debt decreased from $91.5 million to $23 million), improved liquidity management, and strategic prepaid power purchase agreements that provide upfront cash while securing future revenue streams. The company has also explored natural gas co-firing capabilities at Merom to comply with future environmental regulations while maintaining operational flexibility.
HNRG company profile · for informational purposes only — not investment advice.
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