Blue Dolphin Energy Company (BDCO) AI Stock Analysis

• Market Cap: $17.76M
• Dividend Yield: N/A
• Average Volume (3M): 5.40K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.32
• Revenue Growth: -18.64%
• EPS Growth: -300.22%
• Country: US
• Employees: 116
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): -0.31
• Shares Outstanding: 14,921,968
• 10 Day Avg. Volume: 2,828
• 30 Day Avg. Volume: 5,402
• PEG Ratio: 0.03
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.11
• P/FCF Ratio: -2.25
• Enterprise Value/Market Cap: 2.85
• Enterprise Value/Revenue: 0.18
• Enterprise Value/Gross Profit: 7.01
• Enterprise Value/Ebitda: -38.20
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $1.00 ▼(-26.47% Downside)

The score is held down primarily by weak financial performance, driven by the shift to losses and negative cash flow in 2024 and TTM 2025 alongside meaningful leverage. Technicals also pressure the score, with the stock trading below major moving averages and negative MACD. Valuation offers limited support because the negative P/E reflects ongoing losses and no dividend yield is indicated.

Positive Factors

Midstream revenue stability

Ownership of pipeline and storage operations provides recurring fee-based revenue that is less cyclical than commodity sales. Over months, stable third-party transportation and storage contracts can smooth cash flow and support operations even when upstream volumes or oil prices fluctuate.

Industry partnerships and joint ventures

Joint ventures and strategic partnerships grant BDCO access to larger capital, technical know-how, and market outlets. These structural relationships can lower project execution risk, improve access to reserves and customers, and support longer-term operational scalability and resource sharing.

Balance sheet contraction/cleanup

A reduction in total debt and assets indicates active balance sheet management, which can improve solvency and reduce financing needs over time. If sustained, this cleanup can lower interest burdens and enhance flexibility to invest in profitable projects or withstand commodity cycles.

Negative Factors

Shift to losses and negative cash flow

Sustained operating losses and negative operating cash flow erode retained capital and limit the company's ability to self-fund maintenance, growth, or debt service. Over several months this increases reliance on external financing and raises execution risk for strategic initiatives.

Meaningful leverage

High debt relative to equity reduces financial flexibility, raises interest and refinancing risk, and makes the business more vulnerable to commodity or margin shocks. In a capital-intensive oil/refining context, this constraint can limit investment and heighten default risk over a multi-month horizon.

Declining revenue and thin margins

A downward revenue trend combined with thin or negative net margins undermines scale benefits and makes it harder to cover fixed costs. Over months this constrains free cash flow generation and reduces the firm's ability to absorb cost inflation or invest in efficiency improvements.

Blue Dolphin Energy Company Business Overview & Revenue Model

Company Description

Blue Dolphin Energy Company engages in the refining and marketing of petroleum products in the United States. The company operates in two segments, Refinery Operations; and Tolling and Terminaling. It produces finished products, including jet fuel, as well as various intermediate products, such as naphtha, heavy oil-based mud blendstock, and atmospheric gas oil; and conducts tolling and terminaling services for third parties at the Nixon facility. The company was incorporated in 1986 and is headquartered in Houston, Texas. Blue Dolphin Energy Company is a subsidiary of Lazarus Energy Holdings, LLC.

How the Company Makes Money

BDCO generates revenue primarily through the sale of crude oil and natural gas extracted from its operational sites. The company has established contracts with various refineries and energy companies, ensuring a steady stream of income from the sale of its products. Additionally, BDCO earns revenue from its midstream services, which include transportation and storage fees charged to third parties for moving hydrocarbons through its pipeline infrastructure. Key partnerships with industry stakeholders, such as joint ventures with larger energy firms, also contribute to its earnings by providing access to additional resources and markets, enhancing operational capabilities, and sharing technological advancements.

Blue Dolphin Energy Company Financial Statement Overview

Summary

Recent fundamentals are weak: the company shifted from profits in 2022–2023 to losses in 2024 and TTM 2025, with declining revenue and negative EBIT/EBITDA. Cash flow also deteriorated, with negative operating cash flow and free cash flow in 2024 and TTM (though the cash burn is less negative in TTM than 2024). The balance sheet shows meaningful leverage (debt ~1.2x–1.4x equity) and returns turning negative again, limiting flexibility while losses persist.

Income Statement

Profitability has deteriorated sharply versus 2022–2023: BDCO swung from solid profits in 2022–2023 (net margin ~6.7%–7.8%) to losses in 2024 and TTM (Trailing-Twelve-Months) 2025 (net margin about -2.7% to -2.8%). Revenue is also trending down across the last two periods (2024 and TTM), and operating results remain negative (EBIT and EBITDA below zero). The main positive is that gross margin in TTM improved versus 2024, but it remains very thin for the business and hasn’t translated into bottom-line profitability.

Balance Sheet

Leverage is meaningful, with debt running at roughly 1.2x–1.4x equity in 2023 through TTM (Trailing-Twelve-Months) 2025, which limits flexibility in a volatile refining environment. Equity has improved versus 2020–2021 (when it was negative), but returns have turned negative again in 2024 and TTM, signaling weakening earnings support for the capital structure. A strength is the visible reduction in total debt and assets from 2024 to TTM, suggesting some balance sheet contraction/cleanup, though it comes alongside ongoing losses.

Cash Flow

Cash generation has weakened materially: operating cash flow and free cash flow are negative in 2024 and TTM (Trailing-Twelve-Months) 2025, reversing the strong positive cash flow in 2022–2023. While free cash flow is less negative in TTM than in 2024 (an improvement), the overall trajectory remains unfavorable and implies continued reliance on external funding or balance sheet actions to cover cash needs. A partial offset is that cash burn is smaller recently than in 2024, but it is still a key risk while profitability remains negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	285.36M	317.52M	396.05M	487.50M	300.82M	174.81M
Gross Profit	7.23M	3.89M	44.68M	46.07M	914.00K	-2.05M
EBITDA	-1.33M	-1.29M	39.49M	42.02M	-3.86M	-4.99M
Net Income	-8.06M	-8.64M	31.01M	32.89M	-19.04M	-14.46M
Balance Sheet
Total Assets	55.73M	101.90M	106.08M	83.90M	66.31M	69.30M
Cash, Cash Equivalents and Short-Term Investments	2.32M	266.00K	18.71M	630.00K	119.00K	673.00K
Total Debt	35.37M	45.92M	48.49M	49.84M	64.20M	58.66M
Total Liabilities	3.86M	68.93M	64.48M	73.32M	89.94M	80.09M
Stockholders Equity	28.81M	32.96M	41.60M	10.59M	-23.63M	-10.79M
Cash Flow
Free Cash Flow	-2.09M	-15.72M	19.90M	16.17M	-6.06M	-4.99M
Operating Cash Flow	-1.71M	-15.67M	20.00M	16.27M	-6.06M	-3.90M
Investing Cash Flow	-382.00K	-46.00K	-102.00K	-102.00K	0.00	-1.08M
Financing Cash Flow	3.73M	-1.92M	-2.71M	-14.71M	5.00M	5.43M

Blue Dolphin Energy Company Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDCO, the sentiment is Negative. The current price of 1.36 is above the 20-day moving average (MA) of 1.25, above the 50-day MA of 1.36, and below the 200-day MA of 1.50, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 44.52 is Neutral, neither overbought nor oversold. The STOCH value of 39.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDCO.

Blue Dolphin Energy Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SGU	72 Outperform	$434.63M	7.44	20.37%	6.14%	1.04%	111.69%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
CAPL	50 Neutral	$846.66M	18.88	―	10.09%	-10.27%	131.17%
PBF	49 Neutral	$4.09B	-7.40	-9.47%	4.14%	-15.35%	-81.94%
AMTX	49 Neutral	$115.19M	-1.00	―	―	-30.91%	29.09%
CLNE	43 Neutral	$519.74M	-2.68	-31.94%	―	2.59%	-192.73%
BDCO	42 Neutral	$17.76M	-2.18	-22.26%	―	-18.64%	-300.22%