Hallador Energy initiated with an Outperform at Northland

Northland initiated coverage of Hallador Energy (HNRG) with an Outperform rating and $23 price target Hallador is a vertically integrated independent power producer that acquired a 1 GW power plant in 2022 and is negotiating a long-term contract for the majority of its capacity to a data center, potentially in the near-term, the analyst tells investors. Hallador also has low-priced legacy power contracts rolling off in 2025, which the firm sees providing “a strong tailwind” for 2026 and later estimates.