New York, Feb 12, 2026, 09:07 EST — Premarket
Argan Inc shares rose 1.8% to $430 in premarket trading on Thursday, after a 13.7% jump in the previous session that left the stock at $422.50. The move followed a high of $423.79 on Wednesday, with volume of about 807,000 shares. (StockAnalysis)
The fresh push higher keeps the power-plant builder on traders’ screens as investors lean into companies tied to new generation buildouts. Argan said in December its project backlog — contracted work not yet performed — climbed to about $3.0 billion, bolstered by two new gas-fired projects in Texas, and it was under contract to build roughly 6 gigawatts of generating assets. “There is significant urgency” around new combined-cycle natural gas projects, Chief Executive David Watson said; combined-cycle plants use gas and steam turbines to lift efficiency. (Argan, Inc.)
Options activity has followed the stock’s run. Nasdaq flagged 2,358 AGX options contracts traded on Wednesday, including 534 contracts tied to $380 strike put options expiring Feb. 20; a put option gives the holder the right to sell stock at a set price and is often used to hedge downside. (Nasdaq)
The business is still driven by a handful of big jobs, and that can make results uneven. In its latest annual report, Argan said future revenue depends on winning large engineering, procurement and construction (EPC) awards, securing full notices to proceed, and executing projects without major cost hits. (SEC)
Argan has also leaned on cash returns to shareholders. Its board declared a regular quarterly cash dividend of $0.50 per share in December, payable on Jan. 30, 2026, an SEC filing showed. (SEC)
Insider selling has surfaced along the way. Director John R. Jeffrey Jr sold 5,000 shares on Jan. 27 at an average price of $360.78, a Form 4 filing showed. (SEC)
Argan’s investor relations site lists no company news updates since mid-December, leaving the latest move without a fresh corporate headline for traders to pin to. (Argan, Inc.)
But the rally also sharpens the downside case if new awards slow or projects slip. Goldman Sachs analyst Ati Modak, who initiated coverage with a Buy and a $397 target last year, called Argan the “best direct” way to play combined-cycle gas power construction — a target the stock is now trading above. (TipRanks)
Next up is earnings. Argan is expected to report again on April 15, according to Investing.com’s earnings calendar, with investors watching for any reset in backlog and profit margins after the stock’s sprint. (Investing)
