Hallador Energy upgraded to Buy from Hold at Jefferies

Jefferies upgraded Hallador Energy (HNRG) to Buy from Hold with a price target of $22.50, up from $17.50, following the company’s signing of a two-year capacity contract, essentially locking in about a $470/MW-day capacity price against its previously uncontracted capacity. Not only did this price “meaningfully exceed” the latest print of $230/MW-day, but it also “curiously” only hedged thru Summer 2028 as it specifically left open Fall 2028 for presumed hyperscaler capacity offtake, the analyst tells investors.