December 5, 2025
We spoke with management in the wake of Argan’s F3Q earnings update. We believe investors are missing the forest for the trees, and focusing on orders pricing as opposed to management’s emphasis on staffing capacity…
December 4, 2025
Initial take: we back out reported F3Q revs of $251.2mm to get to ~$1.3bn in orders vs. our ~$1.5bn estimate given Basin Ranch and Permian Basin disclosures – backing out $40mm in non-Power Services orders,…
November 25, 2025
Argan will report F3Q’26 earnings next Thursday, Dec. 4th, after market close; we see the focus very much on Power Services order $’s for pricing read-thru but also on management’s commentary on a compelling opportunity…
November 23, 2025
We sat down with Argan CEO David Watson to discuss our recent upgrade of Argan shares as intra-regional staffing demonstrates upside to management’s previously messaged ceiling on gas generation upside. Management validated our thesis, emphasizing…
November 10, 2025
Argan’s Gemma Power Systems announced full notice to proceed on an 860MW gas-fired power plant will enter into F3Q26 backlog. Conversations with Gemma’s largest competitors lead us to believe this project is Vistra’s Monahans, Texas…
October 31, 2025
We review the implications of two recent CCGT project awards as Argan announces a major CCGT award while another goes to a consortium formed by generation new entrant Quanta and a revived Argan competitor. Overall,…
October 16, 2025
We caught up with Argan CEO David Watson earlier this week. The focus remains firmly on Argan’s Gemma Power Systems, along with Fluor (FLR, not rated) one of the few leading CCGT E&Cs available for…
September 22, 2025
We initiate coverage of Argan at HOLD with a PT of $251 (~3% downside) as investor expectations have run ahead of management’s ability to scale into what we agree is an generational demand for generation…