Hallador Energy downgraded to Neutral at B. Riley on valuation

As previously reported, B. Riley downgraded Hallador Energy (HNRG) to Neutral from Buy with a price target of $17, up from $15, citing valuation following the company’s Q2 report. While the firm believes Hallador still maintains “a high probability” of signing an agreement for the majority of Merom’s capacity, it prefers to wait on the sidelines for a “more attractive” re-entry opportunity, the analyst tells investors.