Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Hallador Energy Company (HNRG)

183 + Investors. Track Smart Money conviction in HNRG. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +13
Streak
8Q ▲
Buyers last Q
56%

Smart Money Signals — HNRG

Based on 185 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 8 quarters in a row

last 6Q
For 8 consecutive quarters, more hedge funds added HNRG than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
185 hedge funds hold HNRG right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +29% more funds vs a year ago

fund count last 6Q
+42 new funds entered over the past year (+29% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 56% buying

109 buying85 selling
Last quarter: 109 funds bought or added vs 85 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~51 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 38 → 25 → 47 → 51. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

44% of holders stayed for 2+ years

■ 44% conviction (2yr+) ■ 25% medium ■ 31% new
81 out of 185 hedge funds have held HNRG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +10%, value -7%

Value
-6%
Shares
+9%
Last quarter: funds added +10% more shares while total portfolio value only changed -7%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀

Acceleration phase — new buyers rushing in

40 → 38 → 25 → 47 → 51 new funds/Q
New funds entering each quarter: 38 → 25 → 47 → 51. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️

Veteran-anchored — 48% veterans vs 38% newcomers

■ 48% veterans ■ 15% 1-2yr ■ 38% new
Entry-cohort mix of 197 holders: 94 (48%) are 2+ year veterans, 29 entered 1–2 years ago, and 74 (38%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 28% AUM from major funds

28% from top-100 AUM funds
44 of 183 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.2
out of 10
Moderate Exit Risk
Exit risk score 4.2/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — HNRG

In 2026 Q1, 109 hedge funds were net buyers of HNRG (51 opened a new position, 58 added to an existing one), while 85 reduced or exited (47 trimmed, 38 sold completely) — a 56% buyer ratio, indicating a slight buying edge. This marks 8 consecutive quarters of net institutional buying — a persistent conviction signal. 28% of total institutional value in HNRG is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +13 funds (more new holders than closures). Total institutional holders: 185.

Hedge Fund Ownership: HNRG

How many hedge funds hold HNRG — quarterly history vs. share price
Quarterly hedge fund ownership of HNRG vs. share price

Market Analysis: HNRG

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: HNRG

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Hallador Energy Company (HNRG) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much HNRG has moved relative to its sector benchmark (XLE) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
HNRG
+19.5%
XLE
-10.8%

HNRG outperformed XLE by +30.3% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
HNRG
+7.2%
XLE
-8.0%

Since the filing became public, HNRG outperformed XLE by +15.2% .

Interpretation: The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

20 top-rated funds 4 high-conviction
Consensus
5.7
/ 10
breadth
×
Elite
3.5
/ 10
conviction
Hedge Fund Positioning: HNRG
183 + Investors

Track Smart Money conviction in HNRG. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 183 172 6.4%
13F Shares 36M 33M 9.47%
Total Value $589M $631M -6.6%
New Positions 50 47 +3
Increased Positions 58 51 +7
Closed Positions 39 28 +11
Reduced Positions 45 47 -2
Total Calls 8 3 166.67%
Total Puts 6 2 200.0%
PUT/CALL Ratio 0.75 0.67 Neutral

Statistics: HNRG

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Institutional Holders (2026 Q1)

183 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in HNRG. Verified SEC 13F-HR filings.

QUARTER:
Top 25 HNRG holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Lubar & Co., Inc 74.56% 5,452,019 $88.8M
2 Dayah Capital LLC 5.99% 648,300 $10.6M
3 Aegis Financial Corp 5.09% 1,814,026 $29.5M
4 Apis Capital Advisors, LLC 2.11% 839,000 $13.7M
5 Western Standard LLC 1.96% 228,662 $3.7M
6 Garnet Equity Capital Holdings, INC. 1.10% 432,474 $7.0M
7 Beryl Capital Management LLC 0.99% 66,500 $1.1M
8 Steamboat Capital Partners, LLC 0.81% 201,139 $3.3M
9 Monashee Investment Management LLC 0.80% 90,000 $1.5M
10 Nokomis Capital, L.L.C. 0.63% 135,000 $2.2M
11 Jb Capital Partners LP 0.45% 160,000 $2.6M
12 VARCOV Co. 0.44% 71,813 $1.2M
13 Wexford Capital LP 0.38% 161,310 $2.6M
14 CenterBook Partners LP 0.37% 422,960 $6.9M
15 Empyrean Capital Partners, LP 0.27% 500,000 $8.1M
16 Hohimer Wealth Management, LLC 0.19% 98,050 $1.6M
17 Peloton Wealth Strategists 0.16% 25,000 $407K
18 Dayah Capital LLC 0.16% 10,000 $290K
19 Galaxy Digital Inc. 0.14% 100,000 $1.6M
20 Pekin Hardy Strauss, Inc. 0.14% 79,500 $1.3M
21 Orbis Allan Gray Ltd 0.12% 1,759,811 $28.6M
22 Corsair Capital Management, L.P. 0.10% 41,009 $668K
23 Sourcerock Group LLC 0.10% 146,969 $2.4M
24 Byrne Asset Management LLC 0.09% 9,650 $157K
25 AdvisorShares Investments LLC 0.08% 28,600 $466K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Hallador Energy Company (HNRG)

What does the Smart Money Trend signal show for HNRG?

Buying streak — 8 quarters in a row: For 8 consecutive quarters, more hedge funds added HNRG than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for HNRG?

Slight buying edge — 56% buying: Last quarter: 109 funds bought or added vs 85 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for HNRG holders?

Strong quality — 28% AUM from major funds: 44 of 183 holders rank in the top 100 by AUM, accounting for 28% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held HNRG?

44% of holders stayed for 2+ years: 81 out of 185 hedge funds have held HNRG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Hallador Energy Company (HNRG) following the 2026 Q1 hedge fund 13F filings?

As of today, HNRG has moved +7.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to -8.0% for the XLE sector ETF — an outperformance of +15.2%. Since the quarter end (March 31, 2026), HNRG has gained +19.5% vs -10.8% for XLE. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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