New York, Feb 12, 2026, 09:07 EST — Premarket
Argan Inc shares climbed 1.8% to $430 in premarket trading Thursday, building on a 13.7% surge the day before that pushed the stock to $422.50. On Wednesday, the stock hit a high of $423.79, with roughly 807,000 shares changing hands. 1
The recent rally keeps this power-plant builder in focus as investors bet on firms tied to new generation projects. In December, Argan reported its project backlog—work contracted but not yet done—hit roughly $3.0 billion, thanks to two new gas-fired plants in Texas. The company is under contract for about 6 gigawatts of generating capacity. “There is significant urgency” around new combined-cycle natural gas projects, said CEO David Watson. These plants combine gas and steam turbines to boost efficiency. 2
Options activity mirrored the stock’s recent surge. Nasdaq reported 2,358 AGX options contracts changed hands on Wednesday. Among those, 534 were $380 strike put options set to expire on Feb. 20; these puts let holders sell shares at a fixed price and typically serve as downside protection. 3
The company’s performance still hinges on a few major contracts, leading to fluctuating results. In its most recent annual filing, Argan noted that future revenue relies heavily on landing significant engineering, procurement, and construction (EPC) contracts, obtaining full notices to proceed, and completing projects without significant cost overruns. 4
Argan has relied on cash returns to reward shareholders. According to an SEC filing, its board announced a regular quarterly cash dividend of $0.50 per share in December, set to be paid on Jan. 30, 2026. 5
Insider selling emerged recently. Director John R. Jeffrey Jr offloaded 5,000 shares on Jan. 27, fetching an average price of $360.78, according to a Form 4 filing. 6
Argan’s investor relations page hasn’t posted any updates since mid-December, so this latest action arrives without a new company announcement for traders to latch onto. 7
The rally also highlights the risk if new contracts dry up or projects face delays. Goldman Sachs analyst Ati Modak, who kicked off coverage with a Buy rating and a $397 price target last year, described Argan as the “best direct” play on combined-cycle gas power construction — a target the stock has since surpassed. 8
Argan is set to release its next earnings report on April 15, per Investing.com’s earnings calendar. Investors will be closely monitoring for updates on backlog and profit margins following the recent surge in the stock. 9
