FBR Capital Raises Price Target on Hallador Energy (HNRG) Following In-Line 3Q
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FBR Capital reiterated an Outperform rating on Hallador Energy (NASDAQ: HNRG), and raised the price target to $10.00 (from $8.00), following the company's 3Q earnings report. Hallador released in-line adjusted EBITDA at $16.6M against estimates of $16.1M despite higher-than-expected costs in the quarter.
Analyst Lucas Pipes commented, "We are maintaining our Outperform rating on Hallador Energy with a $10 price target (up from $8) following the company's release of 3Q results last Friday, November 4 after the close. Hallador's results were in line with adjusted EBITDA at $16.6M against our $16.1M estimate, with 2016 sales guided to 6.3M tons and 6.0M to 6.5M tons in 2017. Hallador’s minimum tons to be sold shifted slightly in 2017 including some volumes moved forward into 4Q16. While HNRG stated that it could move exports by rail through the port in Baltimore, it remained reluctant to increase production at this time. Hallador primarily cited the strong backwardation in the forward curve for not moving more aggressively. The company framed the export opportunity in the hundreds of thousand tons for 2017, adding “not millions” of tons. Hallador also noted that on November 3, the Lubar Equity Fund acquired a 25% interest in Savoy Energy for $9.5M, decreasing Hallador’s ownership interest to 30.6%. Savoy made a cash distribution at closing, including $1.8M to Hallador. We are encouraged by the company’s in-line quarter as well as opportunities for potential export growth in 2017 and tightening of domestic markets."
Shares of Hallador Energy closed at $8.90 yesterday.
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