Hallador Energy Co (NASDAQ:HNRG) jumped 15% on Friday and 40% last week. The Terre Haute-based company reported a Q2 net loss of $3 million relative to a net income of $254 a year ago. The company’s CEO, Brent Bilsland, said that they are experiencing a strong and dramatic market turnaround in years despite this loss.
Bilsland added that the company added an extra 500,000 tons of sales contracts in Q2, and they anticipate shipping around one million tons in 2H 2021 compared to 1H, which represents 40% shipments increase. The company is optimistic it will add more tons through the rest of the year, going to 2022 as gas prices increase and markets recover.
The company recently announced that it would develop a 1,000 megawatts solar generation project close to the Merom Coal Generation Station. In addition, Hallador will partner with Hoosier Energy Rural Electric Cooperative Inc., which plans to retire its coal-fueled energy plant in 2023. As a result, investors should keep an eye on HNRG.
Market Reaction:
On Friday, HNRG stock up 14.71% at $4.2900 with more than 2 million shares, compared to its average volume of 434k shares. The stock has moved within a range of $3.7300 – 4.5800 after opening the trade at $3.7900.
