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HOUSTON—Trotter Mitchell, the Chief Financial Officer of EON Resources Inc. (NASDAQ:EONR), recently acquired 2,213 shares of Class A Common Stock, according to a filing with the Securities and Exchange Commission. The shares were purchased at a price of $2.01 each, totaling approximately $4,448.
The acquisition, dated October 15, 2024, increased Mitchell's direct ownership to 34,398 shares. The shares were acquired as consideration for Mitchell's agreement to pledge equity in favor of the company's lender.
In other recent news, EON Resources Inc. has set the date for its inaugural annual meeting of stockholders on October 30, 2024, with the record date for determining eligible voters established for September 30, 2024. This announcement, made via an SEC filing, marks the first annual meeting since the company's inception and subsequent name change from HNR Acquisition Corp. on January 26, 2021. EON Resources will provide more details about the meeting in its forthcoming proxy statement, including the time, location, and agenda. The company has also set a deadline of October 1, 2024, for stockholders to submit proposals for the meeting, which must comply with the Securities and Exchange Commission's rules and regulations. Any business a stockholder wishes to present at the meeting must also adhere to this deadline, as per the company's by-laws. Interested parties are directed to submit their proposals to the Secretary of EON Resources at their Houston office, as outlined in the SEC filing.
InvestingPro Insights
While Trotter Mitchell's recent share acquisition demonstrates insider confidence, EON Resources Inc. (NASDAQ:EONR) faces significant challenges. According to InvestingPro data, the company's stock has experienced a dramatic decline, with a one-year price total return of -89.63% as of the latest available data. This aligns with an InvestingPro Tip indicating that the stock price has fallen significantly over the last year.
The company's financial health appears precarious, with an InvestingPro Tip highlighting that short-term obligations exceed liquid assets. This could explain Mitchell's agreement to pledge equity in favor of the company's lender. Additionally, EONR's revenue growth has been negative, with a -57.85% decline in the last twelve months, suggesting ongoing operational difficulties.
Despite these challenges, analysts have set a fair value target of $5.25 for EONR, significantly higher than its previous closing price of $1.12. This discrepancy might indicate potential upside if the company can overcome its current obstacles. Investors seeking a more comprehensive analysis can access 7 additional InvestingPro Tips for EONR, providing deeper insights into the company's financial situation and market position.
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