Texas Capital Securities analyst Matthew Key reiterated a Buy rating and $26.00 price target on Hallador Energy (NASDAQ: HNRG).

The analyst comments "On Thursday (3/12), after market close, Hallador Energy (HNRG; Buy) reported 4Q25 financial results, including $8.4M in adjusted EBITDA - beating our previous estimate of $5.2M. Overall, stronger than expected power pricing drove the beat relative to our estimate; however, this was partially offset by softer generation volume and operating costs. While negotiations for a long- term power purchase agreement (PPA) are still ongoing, management explained that interest continues to accelerate, and the company has exchanged draft contracts with multiple parties. HNRG hopes to make further announcements regarding a PPA in the near future. Lastly, the company provided several updates on its ongoing natural gas expansion project. Most notably, HNRG expects MISO to complete the ERAS application study in 3Q26, which would position the plant for a target completion date of approximately 3Q29. Following the release, we are reiterating our Buy Rating and $26 PT for HNRG. Note, our published model does not reflect today’s release."

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Shares of Hallador Energy closed at $19.33 yesterday.