Hallador Energy (HNRG)
Indiana power producer running a coal plant and adding gas capacity for data-center demand.
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Runs a roughly 1-gigawatt coal-fired power plant in Indiana through one subsidiary while a second mines the coal that fuels it, a structure formed by converting a former coal miner into a power producer in 2022. Growth plans center on selling capacity to utilities and data-center operators and on adding gas-fired generation onsite.
Operates as a vertically integrated independent power producer in the Midwest, built around two subsidiaries: Hallador Power Company, which runs the roughly 1-gigawatt Merom Generating Station in Sullivan County, Indiana, and Sunrise Coal, which supplies fuel to the plant.
The company reorganized around Merom in 2022, converting a coal-mining business into a power generator and turning a former fuel customer into an owned asset that Sunrise Coal now feeds directly.
Current strategy centers on selling dispatchable capacity to Midwest utilities and to data-center and AI operators seeking reliable power, while the coal side has been reorganized around its lowest-cost mines to support that shift.
A proposed natural-gas expansion at Merom, accepted into a regional interconnection queue in late 2025, would add further generating capacity alongside the existing coal-fired unit.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Northland Securities | Target | Target: — | Target: $28 |
| Mar 26, 2026 | UBS | Target | Target: — | Target: $34 |
| Mar 26, 2026 | Jefferies | Target | Target: — | Target: $22.50 |
| Mar 13, 2026 | B. Riley Securities | Upgrade | ||
| Nov 11, 2025 | Industrial Alliance Securities | Target | Target: — | Target: $28 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $29.0M · Total debt $46.8M · Total assets $468.0M · Shareholders' equity $190.3M
- Revenue
- $101.5M
- Operating income
- −$12.7M
- Net income
- −$15.2M
No dividends on record.
| Institutions | 77.78% | 36.67M shares | |
|---|---|---|---|
| 190 holders · as of Jun 30, 2026 | |||
| Insiders | 12.29% | 5.79M shares | |
| 12 holders · as of Jul 15, 2026 | |||
| Other | 9.93% | 4.68M shares | |
| remainder | |||
47.14M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Lubar & Co., IncInstitution | 11.56% | 5.45M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 6.05% | 2.85M | as of Jun 30, 2026 |
Mark D. BeckerInsider | 4.85% | 2.29M | filed Nov 6, 2025 |
Point72 Asset Management, L.P.Institution | 4.50% | 2.12M | as of Jun 30, 2026 |
Aegis Financial CorpInstitution | 3.84% | 1.81M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 14, 2026 | Barbara Ann Sugg | director | +5,000 | $17.13 |
| Jul 9, 2026 | Daniel Timothy Hudson | director | +5,000 | $16.58 |
| Jun 29, 2026 | Daniel Timothy Hudson | director | +10,000 | $16.94 |
| Jun 24, 2026 | Daniel Timothy Hudson | director | +3,000 | $17.04 |
| Jun 25, 2026 | Daniel Timothy Hudson | director | +2,000 | $17.70 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hallador Energy | $14.75 | −2.13% | $710.3M | 617.6 | 23.7 | 1.6 | −1.4% |
| Vistra | $138.60 | −1.29% | $47.34B | 23.6 | 14.7 | 3.0 | −5.5% |
| Constellation Energy | $261.78 | −0.64% | $94.61B | 25.6 | 21.1 | 3.0 | +23.0% |
| Alliance Resource Partners | $25.48 | −1.47% | $3.33B | 12.6 | 8.1 | 1.5 | +0.8% |
| Talen Energy | $297.06 | +0.86% | $13.37B | — | 11.1 | 3.8 | +18.6% |
| Peabody Energy | $26.78 | −0.04% | $3.26B | — | 13.5 | 0.8 | +12.7% |
| NRG Energy | $100.34 | −2.35% | $21.68B | 27.0 | 9.7 | 0.6 | +11.0% |
| Core Natural Resources | $93.44 | −0.52% | $4.73B | 47.2 | 21.4 | 1.1 | +3.5% |
| AES | $14.83 | +0.03% | $10.57B | 5.6 | 7.7 | 0.8 | +19.9% |
| Median | 24.6 | 12.3 | 1.3 | +11.9% |