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HOUSTON—Jonathan Carroll, CEO and President of Blue Dolphin Energy Co. (OTC:BDCO), recently acquired a series of common stock purchases totaling $22,000. The transactions, which occurred between January 3 and January 7, 2025, involved the purchase of 8,000 shares at prices ranging from $2.67 to $2.84 per share. The timing appears strategic, as InvestingPro data shows the stock has gained nearly 11% in the past week.
These acquisitions increased Carroll's direct ownership in the company to 4,068,779 shares. The purchases were made over several days, reflecting Carroll's ongoing commitment to the company's growth and stability. The company, currently valued at $41.8 million, trades at a P/E ratio of 10.4x.
Blue Dolphin Energy Co., based in Houston, operates in the crude petroleum and natural gas sector. The company has been focusing on expanding its operational footprint and enhancing shareholder value. According to InvestingPro analysis, while operating with thin gross margins of 4.6%, the company remains profitable over the last twelve months. Get access to 8 additional ProTips and comprehensive financial metrics with InvestingPro.
In other recent news, Blue Dolphin Energy Company has extended its lease for the Houston office of its subsidiary, Blue Dolphin Services Co. The new agreement, effective from September 1, 2024, extends the lease for 24 months post the expiration of the previous amendment. The rental area has also been increased by 2,268 square feet to accommodate personnel growth. The company also appointed Bryce D. Klug as the principal financial and accounting officer, Treasurer, and Assistant Secretary, signaling a significant change in its leadership structure. 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, granted by Veritex (NASDAQ:VBTX) Community Bank and the U.S. Department of Agriculture. In another development, the Annual Meeting of Stockholders saw the election of five director nominees and the ratification of UHY LLP as the company's independent public accounting firm for the fiscal year ending December 31, 2024. These are some of the recent developments within Blue Dolphin Energy Company.
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