BATL
Battalion Oil CorporationBattalion Oil Corporation, an independent energy company, engages in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. As of December 31, 2021, the company held interests in 40,400 net acres in the Delaware Basin located in the counties of Pecos, Reeves, Ward, and Winkler, Texas. It also had estimated proved reserves of approximately 95.9 million barrels of oil equivalent comprising 58.7 million barrels of crude oil, 16.3 millio
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 38.0 | 19.4 | -- | -3.4 | -- | 2.3 | -13.3 | 55.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 37.5 | 18.8 | -- | -3.8 | -- | 1.9 | -13.5 | 53.1 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 36.0 | 17.3 | -- | -5.0 | -- | 0.0 | -14.4 | 51.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 37.0 | 18.5 | -- | -4.4 | -- | 1.1 | -14.1 | 51.2 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 38.5 | 20.4 | -- | -3.1 | -- | 3.1 | -13.5 | 50.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 37.0 | 19.2 | -- | -3.7 | -- | 1.9 | -14.1 | 47.1 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 36.5 | 18.3 | -- | -4.4 | -- | 0.7 | -14.6 | 45.2 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 39.1 | 10.1 | -2.3 | -56.5 | 2.1 | -1.5 | -3.6 | 46.4 | 23.2 | 17.4 | -4.5% | 1.8x | 0.6x |
| Est | 2025-Q4 | 38.0 | 18.2 | -- | -5.7 | -- | -1.9 | -17.1 | 44.5 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 32.3 | 21.0 | -9.6 | 1.8 | -11.8 | -16.8 | -5.0 | 28.0 | 189.8 | 16.5 | -9.5% | 3.1x | 2.0x |
| Act | 2025-Q3 | 43.4 | 19.5 | 0.8 | -0.7 | 28.0 | 81.1 | -53.1 | 50.7 | 421.7 | 16.5 | 0.8% | 2.9x | 6.7x |
| Act | 2025-Q2 | 42.8 | 25.6 | -0.2 | 4.8 | 10.2 | -23.1 | -33.3 | 44.6 | 222.7 | 16.5 | -0.1% | 3.9x | 2.5x |
| Act | 2025-Q1 | 47.5 | 25.5 | 3.4 | 6.0 | 12.7 | -7.1 | -19.8 | 73.6 | 227.0 | 16.5 | 3.2% | 3.8x | 2.5x |
| Act | 2024-Q4 | 49.7 | -12.2 | -17.9 | -22.2 | 6.7 | -6.2 | -12.9 | 19.7 | 165.9 | 16.5 | -19.8% | -- | 7.1x |
| Act | 2024-Q3 | 45.3 | 39.8 | 1.1 | 21.6 | -5.1 | -12.0 | -6.9 | 29.8 | 150.3 | 16.5 | 2.1% | 6.3x | 1.8x |
| Act | 2024-Q2 | 49.1 | 19.8 | 5.1 | -0.1 | 29.7 | 9.4 | -20.3 | 54.4 | 162.1 | 16.5 | 10.1% | 3.1x | 7.1x |
| Act | 2024-Q1 | 49.9 | -11.4 | 0.0 | -31.2 | 3.9 | -20.7 | -24.6 | 49.4 | 314.5 | 16.5 | 0.0% | -1.6x | 14.7x |
| Act | 2023-Q4 | 47.2 | 54.1 | -0.7 | 32.7 | 6.5 | -3.1 | -9.6 | 58.0 | 298.6 | 16.5 | -0.7% | 6.0x | 3.9x |
| Act | 2023-Q3 | 54.1 | -33.4 | 6.8 | -53.8 | 2.4 | -1.5 | -3.9 | 42.6 | 199.5 | 16.5 | 8.3% | -4.8x | 5.1x |
| Act | 2023-Q2 | 54.3 | 19.5 | 0.3 | -4.8 | 9.3 | 5.3 | -4.0 | 18.5 | 214.2 | 16.5 | 0.4% | 2.0x | 1.5x |
| Act | 2023-Q1 | 65.1 | 46.7 | 11.1 | 22.8 | -0.7 | -29.6 | -28.9 | 23.3 | 222.7 | 16.5 | 12.6% | 6.0x | 1.6x |
| Act | 2022-Q4 | 76.8 | 18.6 | 24.6 | -7.7 | 25.0 | -13.7 | -38.7 | 32.7 | 218.1 | 16.3 | 29.9% | 1.8x | 4.1x |
| Act | 2022-Q3 | 99.2 | 125.2 | 43.9 | 105.9 | 25.5 | -10.4 | -35.9 | 33.5 | 204.9 | 16.5 | 54.1% | 22.0x | -- |
| Act | 2022-Q2 | 101.5 | 30.5 | 49.8 | 13.1 | 16.3 | -20.1 | -36.4 | 43.6 | 210.1 | 16.5 | 89.0% | 6.3x | -- |
| Act | 2022-Q1 | 81.6 | -79.8 | 33.8 | -92.7 | 12.1 | -3.6 | -15.7 | 43.5 | 190.7 | 16.3 | 70.9% | -29.7x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 9.71 | — | 26.3% | 94 | 4.1× | n/m | 10.9× | 0.6× |
| 2023 | 9.61 | -38.5% | 39.4% | 87 | 3.9× | n/m | n/m | 0.4× |
| 2024 | 1.72 | -12.2% | 18.6% | 36 | 7.1× | n/m | n/m | 0.6× |
| 2025 | 1.13 | -14.4% | 55.2% | 92 | 2.0× | 5.3× | 1.6× | 0.1× |
| TTM | 1.45 | -17.7% | 48.4% | 76 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 1.45 | -5.4% | 0.5% | 1 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Battalion Oil is a deeply distressed micro-cap E&P company where the common equity is effectively a levered call option on commodity prices. The company has $211.9M in preferred stock accruing 16% PIK dividends (~$34M/year), ~$170M in senior debt at 12%+ rates, going concern language in its filings, and reliance on related-party support letters for survival. Recent asset sales and the new gas treating agreement have temporarily stabilized operations, but the company sold 12.4% of its reserves to survive and conducted a deeply discounted equity raise. The 400%+ price surge appears driven by a short squeeze and Middle East geopolitical premium rather than fundamental improvement. At $20/share ($330M market cap), the market is pricing in a turnaround that requires sustained high oil prices, flawless execution, and eventual resolution of the preferred stock overhang — all of which are low-probability outcomes. The preferred liquidation preference alone exceeds the market cap, meaning common holders are deeply subordinated.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net sellers — bought 15.6% of float, sold 43.2%. 5 filers moved >1% of shares (3 buying, 2 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| OAKTREE CAPITAL MANAGEMENT LP | $11.7M | $1.21 | +$0 | +$0 | +1.2% | $4.52B |
| LUMINUS MANAGEMENT LLC | $7.8M | $18.58 | −$16.2M | −$16.2M | -3.8% | $166M |
| Alyeska Investment Group, L.P. | $7.0M | $3.90 | +$7.0M | +$7.0M | -0.5% | $35.33B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $1.2M | $3.90 | +$1.2M | +$1.2M | — | $4.04T |
| Utah Retirement Systems | $740K | $3.90 | +$740K | +$740K | -0.3% | $9.78B |
| BlackRock, Inc.Passive | $728K | $4.00 | +$727K | +$689K | -0.2% | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $353K | $3.69 | +$100K | +$205K | +2.3% | $1.61T |
| MARSHALL WACE, LLP | $248K | $6.52 | +$53K | +$248K | +0.6% | $92.71B |
| Engineers Gate Manager LP | $220K | $3.90 | +$220K | +$220K | -1.8% | $7.97B |
| VANGUARD FIDUCIARY TRUST COPassive | $150K | $3.90 | +$150K | +$150K | — | $395.83B |
| Qube Research & Technologies Ltd | $142K | $5.75 | +$58K | +$142K | +0.3% | $70.36B |
| STATE STREET CORPPassive | $132K | $5.92 | +$49K | +$86K | -0.2% | $2.89T |
| CITIGROUP INC | $90K | $5.62 | +$90K | +$90K | -0.3% | $156.55B |
| JANE STREET GROUP, LLCMM | $72K | $7.18 | +$18K | +$72K | -0.1% | $92.10B |
| TWO SIGMA INVESTMENTS, LP | $72K | $1.21 | +$0 | +$72K | -0.9% | $117.03B |
| NORTHERN TRUST CORPPassive | $67K | $8.73 | −$19K | +$67K | -0.2% | $755.34B |
| Baader Bank Aktiengesellschaft | $65K | $3.90 | +$99K | +$65K | -0.4% | $1.01B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $63K | $9.71 | +$0 | +$63K | -2.3% | $4.93B |
| DIMENSIONAL FUND ADVISORS LPPassive | $59K | $12.22 | +$0 | −$28K | -0.4% | $480.92B |
| ADVISOR GROUP HOLDINGS, INC. | $42K | $3.90 | +$42K | +$42K | -0.3% | $67.63B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 91.8%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2027 Q4 | 61M | 15M | 6M | $0.33 | $0.33 – $0.33 | 1 |
| 2028 Q1 | 54M | 13M | 6M | $0.36 | $0.36 – $0.36 | 1 |
| 2028 Q2 | 66M | 16M | 0M | $0.00 | $0.00 – $0.00 | 0 |
| 2028 Q3 | 53M | 13M | 0M | $0.00 | $0.00 – $0.00 | 0 |
| 2028 Q4 | 52M | 13M | 0M | $0.00 | $0.00 – $0.00 | 0 |
| 2029 Q1 | 52M | 13M | 1M | $0.07 | $0.07 – $0.07 | 1 |
| 2029 Q2 | 48M | 12M | 1M | $0.07 | $0.07 – $0.07 | 1 |
| 2029 Q3 | 47M | 11M | 1M | $0.03 | $0.03 – $0.03 | 1 |
| 2029 Q4 | 48M | 12M | 1M | $0.08 | $0.08 – $0.08 | 1 |
| 2030 Q1 | 48M | 11M | 1M | $0.05 | $0.05 – $0.05 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | SELL | LUMINUS MANAGEMENT LLC | director, 10 percent owner: | 1,209,377 | $3.98 | $4.82M | $7.99M |
| 2026-03-30 | SELL | LUMINUS MANAGEMENT LLC | director, 10 percent owner: | 694,435 | $5.48 | $3.81M | $0 |
| 2026-03-27 | SELL | Mayer Walter R | officer: SVP, General Counsel | 4,777 | $6.00 | $29K | $1K |
| 2026-03-25 | SELL | Gen IV Investment Opportunities, LLC | director, 10 percent owner: | 2,369,769 | $5.82 | $13.79M | $0 |
| 2026-03-25 | SELL | Martin Charles E | officer: VP, Controller | 7,623 | $5.25 | $40K | $0 |
| 2026-03-25 | SELL | Rohling Daniel P | officer: Chief Operating Officer | 14,421 | $5.99 | $86K | $0 |
| 2026-03-24 | SELL | Rohling Daniel P | officer: Chief Operating Officer | 7,837 | $9.04 | $71K | $130K |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Oil | $36.3M | -9% |
| Natural gas liquids | $4.3M | -12% |
| Natural gas | $-1.5M | -153% |
Filing Risk Analysis
Filing Risk Scores
Battalion Oil Corp: Strategic Asset Liquidation and $150M ATM Program Signal Extreme Survival Stress
Counter-Thesis
Counter-Thesis & Recent News
In March 2026, Battalion Oil completed a major $60.1 million sale of its West Quito Draw assets to MCM Delaware Resources, using $40 million of the proceeds to significantly pay down senior debt (Investing.com). In January 2026, the company resolved a long-standing production bottleneck by securing a new gas treating agreement with a large-cap midstream provider, which boosted gas processing capacity from 17.4 to over 30 million cubic feet per day and increased oil production by ~1,200 net barrels per day (Investing.com). Additionally, the company raised $15 million in a private placement at $5.50/share in March 2026 to bolster liquidity (Fidelity).
The bear case centers on a history of 'death spiral' dynamics, including a failed merger with Fury Resources in late 2024 due to financing issues and chronic cash burning, with negative levered free cash flow of $24.84 million as of late 2025 (Investing.com). Bears argue the recent 400%+ price surge is a technical short squeeze driven by geopolitical tensions in the Middle East rather than a sustainable fundamental shift, especially given that the company sold off 12.4% of its proved reserves to survive (YouTube, Stocktwits).
Battalion maintains a high debt-to-equity ratio of approximately 108.9% and has experienced extreme price volatility, with weekly volatility increasing to 82% (Simply Wall St). The stock previously faced NYSE listing compliance issues, and the $15 million private placement in March 2026 was conducted at a steep discount ($5.50) to the then-trading price of $11.80, signaling potential desperation for working capital (Investing.com).
As a small-cap player, BATL is highly sensitive to commodity price fluctuations compared to larger peers like W&T Offshore (WTI) and Amplify Energy (AMPY). Its operational reliance on third-party midstream providers remains a risk, as evidenced by the months-long bottleneck that occurred when its previous treating facility went offline (Nasdaq).
Retail sentiment on platforms like Stocktwits is currently 'extremely bullish' due to the recent short squeeze and the company's transition from 'survival mode' to a stabilized position (Stocktwits). Technical analysts have recently tagged the stock as a 'Strong Buy' candidate based on momentum, though some institutional analysts caution investors to lock in gains following the extreme price discovery event (Intellectia AI, YouTube).