Jonathan Carroll, CEO and President of Blue Dolphin Energy Co. (NASDAQ:BDCO), recently increased his stake in the company through a series of stock purchases. According to a recent SEC filing, Carroll acquired a total of 7,000 shares of common stock over two days, with a total transaction value of $23,155. The shares were purchased at prices ranging from $3.29 to $3.34 per share.
Following these transactions, Carroll directly owns 4,049,279 shares of Blue Dolphin Energy. Additionally, he holds an indirect ownership of 8,426,456 shares through his interest in Lazarus Energy Holdings, LLC. These acquisitions reflect Carroll's continued investment in the company, which operates in the crude petroleum and natural gas sector.
In other recent news, Blue Dolphin Energy Company has been making significant changes in its financial and leadership structure. The company recently announced the appointment of Bryce D. Klug as the principal financial and accounting officer, Treasurer, and Assistant Secretary. Klug's wealth of experience in the oil and gas sector is expected to be a valuable asset to the company.
In addition to this leadership change, Blue Dolphin's subsidiaries, Lazarus Energy, and Lazarus Refining & Marketing, have secured waivers for all covenant violations related to their loan agreements for fiscal years 2021, 2022, and 2023. These waivers were granted by Veritex (NASDAQ:VBTX) Community Bank and the U.S. Department of Agriculture.
Furthermore, Blue Dolphin Energy has extended its office lease in Houston, Texas, for another 24 months, ensuring continuity and stability for its operations. The company also expanded its rental area to accommodate growth in personnel.
Lastly, at the company's recent Annual Meeting of Stockholders, shareholders elected five director nominees and ratified UHY LLP as the company's independent public accounting firm for the fiscal year ending December 31, 2024. These are recent developments in the company's ongoing efforts to strengthen its financial and operational framework.
InvestingPro Insights
Jonathan Carroll's recent purchase of Blue Dolphin Energy Co. (NASDAQ:BDCO) shares aligns with some intriguing financial metrics and trends revealed by InvestingPro data. As of the last twelve months ending Q3 2023, BDCO's revenue stood at $350.75 million, with a price-to-earnings ratio of 9.65, suggesting a relatively low valuation compared to earnings.
However, the company faces some challenges. An InvestingPro Tip indicates that BDCO is "quickly burning through cash," which could be a concern for investors considering the CEO's increased stake. Additionally, the company "suffers from weak gross profit margins," with data showing a gross profit margin of just 4.62% for the same period.
Despite these challenges, it's worth noting that BDCO has been "profitable over the last twelve months," according to another InvestingPro Tip. This profitability, combined with the CEO's recent stock purchases, might signal confidence in the company's future prospects.
Interestingly, BDCO's stock has taken a significant hit over the last six months, with a price total return of -46.36%. This decline could explain why the stock is currently "trading at a low revenue valuation multiple," as pointed out by InvestingPro.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 5 more tips available for Blue Dolphin Energy Co. These additional tips could provide valuable context to the CEO's recent stock acquisitions and the company's financial position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.