HOUSTON—Jonathan Carroll, CEO and President of Blue Dolphin Energy Co. (OTCQB:BDCO), recently acquired 15,000 shares of the company's common stock, valued at approximately $60,000. The purchases occurred over two days, with prices ranging from $3.95 to $4.05 per share.
The transactions, detailed in a recent SEC filing, were executed on October 14 and 15. Following these acquisitions, Carroll now directly owns 4,024,779 shares of Blue Dolphin Energy. Additionally, he indirectly holds 8,426,456 shares through his ownership interest in Lazarus Energy Holdings, LLC.
These transactions reflect Carroll's continued investment in Blue Dolphin Energy, a company engaged in the crude petroleum and natural gas sector, based in Houston, Texas.
In other recent news, Blue Dolphin Energy has made significant strides in its financial and leadership structure. The company announced the appointment of Bryce D. Klug as the principal financial and accounting officer, Treasurer, and Assistant Secretary. Klug, with his extensive experience in the oil and gas sector, is expected to bring valuable expertise to Blue Dolphin. This appointment comes as part of an operational agreement with Lazarus Energy Holdings, LLC, an affiliate of Jonathan Carroll and the controlling shareholder of Blue Dolphin.
In addition to leadership changes, Blue Dolphin Energy's subsidiaries, Lazarus Energy, LLC and Lazarus Refining & Marketing, LLC, have secured waivers for all covenant violations related to their loan agreements for the fiscal years 2021, 2022, and 2023. These waivers, granted by Veritex (NASDAQ:VBTX) Community Bank and the U.S. Department of Agriculture, relieve the subsidiaries from meeting specific financial or operational metrics stipulated in their loan agreements.
Furthermore, Blue Dolphin Energy held its Annual Meeting of Stockholders, where 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. The elected directors include Jonathan P. Carroll, Amitav Misra, Christopher T. Morris, Ryan A. Bailey, and Herbert N. Whitney. These recent developments reflect Blue Dolphin Energy's ongoing efforts to strengthen its fiscal health, compliance, and governance.
InvestingPro Insights
Jonathan Carroll's recent acquisition of Blue Dolphin Energy Co. (OTCQB:BDCO) shares aligns with several intriguing financial metrics and insights from InvestingPro. The company's stock is currently trading at a price-to-earnings ratio of 3.66, significantly lower than many industry peers, suggesting potential undervaluation. This low valuation is further supported by an InvestingPro Tip indicating that BDCO is "trading at a low revenue valuation multiple."
Despite the company's recent revenue decline of 12.91% over the last twelve months, Blue Dolphin Energy remains profitable, with a gross profit of $30.06 million and an operating income of $22.74 million in the same period. An InvestingPro Tip highlights that the company has been "profitable over the last twelve months," which may have influenced Carroll's decision to increase his stake.
Interestingly, another InvestingPro Tip notes that BDCO's "stock price often moves in the opposite direction of the market," potentially offering diversification benefits to investors. This characteristic, combined with the company's strong financial position—as evidenced by liquid assets exceeding short-term obligations—could explain the CEO's confidence in acquiring additional shares.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Blue Dolphin Energy, providing deeper insights into the company's financial health and market position.
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