Barnwell Industries（BRN）株式概要バーンウェル・インダストリーズ社（Barnwell Industries, Inc. 詳細BRN ファンダメンタル分析スノーフレーク・スコア評価2/6将来の成長0/6過去の実績0/6財務の健全性5/6配当金0/6リスク分析過去5年間で収益は年間50.7%減少しました。 意味のある時価総額がありません ( $14M )過去1年間で株主の希薄化が進んだ すべてのリスクチェックを見るBRN Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueUS$Current PriceUS$1.10182.1% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-8m31m2016201920222025202620282031Revenue US$9.4mEarnings US$1.4mAdvancedSet Fair ValueView all narrativesBarnwell Industries, Inc. 競合他社ECA Marcellus Trust ISymbol: OTCPK:ECTMMarket cap: US$12.9mNorris IndustriesSymbol: OTCPK:NRISMarket cap: US$16.0mMV Oil TrustSymbol: NYSE:MVOMarket cap: US$21.4mMarine Petroleum TrustSymbol: NasdaqCM:MARP.SMarket cap: US$9.9m価格と性能株価の高値、安値、推移の概要Barnwell Industries過去の株価現在の株価US$1.1052週高値US$2.2852週安値US$0.92ベータ-0.0321ヶ月の変化-5.98%3ヶ月変化8.91%1年変化-13.39%3年間の変化-58.49%5年間の変化-68.12%IPOからの変化-37.88%最新ニュースお知らせ • May 16Barnwell Industries, Inc. announced delayed 10-Q filingOn 05/15/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.お知らせ • Feb 26Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million.Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market Offeringお知らせ • Feb 18Barnwell Industries, Inc. announced delayed 10-Q filingOn 02/17/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.New Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (US$13.1m market cap).Recent Insider Transactions • Dec 05Insider recently sold US$362k worth of stockOn the 3rd of December, Ned Sherwood sold around 320k shares on-market at roughly US$1.13 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$231k more than they bought in the last 12 months.Recent Insider Transactions • Nov 28Independent Vice Chairman recently bought US$66k worth of stockOn the 24th of November, Kenneth Grossman bought around 60k shares on-market at roughly US$1.10 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kenneth's only on-market trade for the last 12 months.最新情報をもっと見るRecent updatesお知らせ • May 16Barnwell Industries, Inc. announced delayed 10-Q filingOn 05/15/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.お知らせ • Feb 26Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million.Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market Offeringお知らせ • Feb 18Barnwell Industries, Inc. announced delayed 10-Q filingOn 02/17/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.New Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (US$13.1m market cap).Recent Insider Transactions • Dec 05Insider recently sold US$362k worth of stockOn the 3rd of December, Ned Sherwood sold around 320k shares on-market at roughly US$1.13 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$231k more than they bought in the last 12 months.Recent Insider Transactions • Nov 28Independent Vice Chairman recently bought US$66k worth of stockOn the 24th of November, Kenneth Grossman bought around 60k shares on-market at roughly US$1.10 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kenneth's only on-market trade for the last 12 months.お知らせ • Nov 26Barnwell Industries, Inc. announced that it expects to receive $2.443255 million in fundingBarnwell Industries, Inc. announced that it has entered into a securities purchase agreement to issue 2,221,141 common shares at an issue price of $1.10 for gross proceeds of $2,443,255.1 and warrants to purchase up to 1,029,104 shares of common stock for aggregate proceeds of $2,443,255.1 on November 24, 2025. The transaction includes participation from lead investor, Bradley L. Radoff, and other accredited investors, including certain members of the company’s board of directors. The common warrants have an exercise price of $1.65 per share, can be exercised starting one hundred eighty days following the date of closing of the offering and will be exercisable for three years following the initial exercise date. The offering is expected to close on or about November 28, 2025, subject to the satisfaction of customary closing conditions. The shares, the warrants and the warrant shares are being sold and issued without registration under the securities act of 1933, as amended in reliance on the exemptions provided by section 4(a)(2) of the securities act as transactions not involving a public offering and/or rule 506 promulgated under the securities act as sales to accredited investors.Board Change • Nov 02High number of new and inexperienced directorsThere are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Vice Chairman Ken Grossman is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.お知らせ • Oct 29+ 1 more updateBarnwell Industries, Inc. Announces Executive ChangesBarnwell Industries, Inc. announced the appointment of Philip F. Patman, Jr. as Executive Vice President, Finance. The Company also announced the planned retirement of Alex Kinzler, General Counsel and Secretary. In connection with his appointment as Executive Vice President, Finance, Mr. Patman also has been appointed to Barnwell's Board of Directors. Philip F. Patman Jr. brings more than two decades of global finance, operations, and capital markets leadership across oil and gas, power and renewables, industrial technology, and digital infrastructure. His background includes public and private-company CFO roles, board-level advisory work, execution of equity and debt financings, restructurings, asset sales, joint ventures, and cross-border M&A. He has built and led finance organizations, overseen FP&A, treasury, investor relations, risk management, and multi-jurisdictional reporting, and has partnered with operating teams to drive cost discipline and cash-flow generation. Mr. Patman's background includes senior roles at Pantheon Resources plc, MacroFab, Soluna Holdings, VAALCO Energy, PTT Exploration &Production, Ameresco, earlier work in independent power and project finance, and private equity/infrastructure investing. Mr. Patman holds a B.A. from the University of Texas at Austin Plan II Honors program, and a Juris Doctor from the University of Houston Law Center. He is a licensed attorney in the State of Texas. The Company also announced the appointment of Alyson Bilinski as Vice President of Finance. Alyson Bilinski is a Chartered Accountant who brings over 20 years of finance leadership experience spanning financial reporting, accounting, treasury, tax, risk management, insurance, and operations finance. She has held senior roles in both public and private companies, including more than a decade with a mid-cap exploration and production company dual listed on the TSX and NYSE. Alyson will oversee the Company's day-to-day finance and risk management operations while also serving as a key contributor to the executive team and Board. Her mandate includes supporting acquisition and divestiture activities, strengthening capital allocation discipline, and driving performance across Barnwell's businesses. Alyson is recognized for her ability to build high-performing teams, enable transformational change, and balance the dual imperatives of protecting downside risk and creating upside opportunities. Barnwell reaffirmed that Chief Executive Officer Craig Hopkins and the Company's Calgary-based operating team remain squarely focused on the development of the Twining field, an asset the Company believes offers compelling, long-term cash-flow potential. Mr. Patman will work closely with Mr. Hopkins to align capital allocation, hedging, and operating cadence.お知らせ • Sep 17Barnwell Industries Adjourns Annual Meeting Again, Impose Bylaw Amendment to Restrict Opposition Shareholders’ VoiceOn September 16, 2025, The Sherwood Group issued a letter to shareholders of Barnwell Industries, Inc. In the letter, Ned L. Sherwood stated that the last two remaining directors (Grossman and Horowitz) of the Company’s adjourned the 2025 annual meeting to September 19, 2025, because of their failure to secure a quorum once again. Ned L. Sherwood stated that Grossman and Horowitz failed to secure a quorum because shareholders refused to change their vote from the green card to Management’s white card. Ned L. Sherwood added that Grossman and Horowitz rather than listen to the will of the shareholders, they have once again robbed shareholders of their voice by disingenuously manipulating the annual meeting process in the interest of getting themselves and two others elected to the Board without having to renominate directors and call for a new annual meeting for 2025.お知らせ • Aug 21Sherwood Group Issues a Letter to Shareholders of Barnwell IndustriesOn August 21, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc expressing its concern over the company's financial health and management decisions, and stating that the Company has reported negative cash flow for 3 consecutive quarters ending June 30, 2025, total free cash flow loss over 9 months, Cash balances have significantly declined, with negative working capital as of June 30, 2025. In addition, The Sherwood Group stated that the Company board members, Ken Grossman and Josh Horowitz, are accused of spending of nearly $2 million in 6 months, blocking fair elections to entrench themselves, locking in a $3 million loss on a failed Texas investment from 2022. Further, Sherwood Group urged all the Company shareholders to contact the Company Directors and demand transparency on the Texas investment.Reported Earnings • Aug 14Third quarter 2025 earnings released: US$0.15 loss per share (vs US$0.12 loss in 3Q 2024)Third quarter 2025 results: US$0.15 loss per share (further deteriorated from US$0.12 loss in 3Q 2024). Revenue: US$3.19m (down 42% from 3Q 2024). Net loss: US$1.55m (loss widened 24% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.New Risk • Jun 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.7m free cash flow). Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$19.9m market cap).お知らせ • Jun 06Barnwell Industries, Inc. Announces Resignation of Heather Isidoro as Director, Effective May 30, 2025On May 30, 2025, Ms. Heather Isidoro notified the Board of Directors of Barnwell Industries, Inc. (the Company) that she resigned as a director of the Company, effective May 30, 2025. At the time of her resignation, Ms. Isidoro did not serve as a member of any committees of the Board. Ms. Isidoro's resignation was made for personal reasons and not as a result of any disagreement with the Company on any matter relating to its operations, policies or practices.Board Change • Jun 02High number of new and inexperienced directorsThere are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. Independent Vice Chairman Ken Grossman is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • May 31Sherwood Group Issues Letter to Barnwell shareholdersOn May 30, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc, criticizing Company's management for failing to secure a quorum to elect their proposed directors, and Ned L. Sherwood emphasized that the Delaware Court and SEC ignored shareholder intent, and refused to submit votes, which would contradict shareholders' will. Sherwood argued that management cherry-picked shareholder intent and disqualified qualified director candidates on technicalities and stated that nearly half of the shareholders supported his nominees, while management's nominees had significantly less support. Sherwood urged shareholders to vote for its board nominees.お知らせ • May 23+ 1 more updateBarnwell Industries, Inc. Announces Delaware Court of Chancery Rules in Favor of Barnwell and Its Board of DirectorsBarnwell Industries, Inc. announced that the Delaware Court of Chancery has ruled in favor of Barnwell and its Board of Directors in determining that the director nomination notice submitted by Ned Sherwood and certain of his affiliates (the “Sherwood Group”) in connection with the Company’s 2025 Annual Meeting of Stockholders was deficient and did not comply with the Company’s bylaws. As a result, the Company will disqualify the Sherwood Group’s nominees from standing for election at the 2025 Annual Meeting, which will be held as an uncontested election on its currently scheduled date of May 29, 2025.お知らせ • May 20Sherwood Issues Letter to Barnwell shareholdersOn May 19, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc, in response to Company’s latest attempt to deflect attention from the Company’s financial position, the Sherwood Group urges shareholders to focus on results, and the Company results are long history of financial underperformance, a distressed balance sheet, and now, a going concern warning disclosed, and not even mentioned in its latest press release. In addition, Sherwood Group stated that despite its claims of strategic execution, has failed to generate meaningful operating income, even during favorable commodity cycles, and Sherwood Group stated that it committed to restoring financial discipline, reestablishing strategic focus, and delivering real, lasting value for all shareholders and the path forward starts with accountability. Further, Sherwood Group called on Company management to abandon their efforts in Delaware Court to block a universal proxy and instead respect shareholders’ right to choose the Board members they believe will drive value.Reported Earnings • May 17Second quarter 2025 earnings releasedSecond quarter 2025 results: Net income: (up US$1.77m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance.New Risk • May 16New major risk - Revenue and earnings growthEarnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.5m free cash flow). Earnings have declined by 2.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$12.3m market cap).お知らせ • May 02Ned L. Sherwood Issues a Letter to Shareholders of Barnwell IndustriesOn May 1, 2025, Ned L. Sherwood issued a letter to Barnwell Industries, Inc. shareholders announcing his intent to initiate a consent solicitation due to the management's failure to improve Company fundamentals despite previous cooperation agreements. Ned L. Sherwood is also seeking to replace the current board with independent directors to drive shareholder value. Ned L. Sherwood urges all shareholders to approve and submit the blue consent card by mail or electronically as soon as possible so that shareholders can begin his company turnaround efforts to benefit all shareholders.お知らせ • Apr 29Barnwell Industries, Inc., Annual General Meeting, May 29, 2025Barnwell Industries, Inc., Annual General Meeting, May 29, 2025. Location: suite 210,alakea corporate tower, 1100alakea street, hawaii, honolulu United Statesお知らせ • Apr 22Barnwell Industries Issues a Presentation to ShareholdersOn April 21, 2025, Barnwell Industries, Inc. issued a presentation relating to the Sherwood Group’s consent solicitation. However, because the Sherwood Group has also nominated candidates for the Company’s 2025 annual meeting, this presentation may also be considered proxy materials in connection with the 2025 annual meeting and accordingly is being filed as solicitation material under Rule 14a-12.お知らせ • Apr 18Ned Sherwood Issues Investor Presentation with Shareholders of Barnwell IndustriesOn April 17, 2025, Ned L Sherwood announced that he has issued an investor presentation with shareholders of Barnwell Industries, Inc, stating that it is the time to change, and the Company must return to responsible governance to stop the destruction of shareholder value, Company’s entrenched board’s oversight and management team’s perpetual underperformance must be rejected. In addition, Ned Sherwood stated that shareholders of the Company should demand a complete overhaul of leadership, and shareholders will must no longer be supressed. Ned Sherwood stated that minority board representation has failed to drive change only under pressure from the current consent solicitation has management begun to acknowledge his long-standing recommendations, such as streamlining operations and reducing its legacy Hawaii footprint, a clear sign that partial reform is ineffective. Ned Sherwood stated that his board nominees have skills and experience, and affords all shareholders the optimal team to restore the Company, and shareholders of the Company must consent to effectuate the necessary and immediate change.お知らせ • Mar 19Ned Sherwood Proposal to Shareholders of Barnwell IndustriesOn March 19, 2025, Ned L Sherwood announce that the consent window has officially begun with the receipt of the first consent and encouraged shareholders of the Company to review the materials carefully and take action by consenting to all 3 proposals.お知らせ • Mar 12Ned Sherwood Files Preliminary Proxy Statement with Securities and Exchange CommissionOn March 12, 2025, Ned L Sherwood announced that he has filed a preliminary proxy statement with Securities and Exchange Commission, recommending the shareholders of the Company to vote for the election to the Board of Directors of James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned Sherwood and Gregory W. Sullivan, to serve on the Board of Directors until the 2026 annual meeting of the stockholders of the Company or his or her earlier resignation or removal, removal of the current members of the Board of Directors consisting of Kenneth S. Grossman, Joshua S. Horowitz, Alexander C. Kinzler, and Douglas. N. Woodrum, and a proposal to repeal any amendment to the Company’s bylaws that is made by the Board and becomes effective on or after February 4, 2025, and prior to this Proposal becoming effective, at the annual meeting of shareholders.お知らせ • Mar 06An undisclosed buyer entered into a non-binding letter of intent to acquire an unknown majority stake in Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $1.05 million.An undisclosed buyer entered into a non-binding letter of intent to acquire an unknown majority stake in Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $1.05 million on March 5, 2025. A cash consideration of $1.05 million will be paid by the buyer. The transaction is expected to close in late March 2025.お知らせ • Feb 24Barnwell Industries, Inc. Announces Resignation of Laurance Narbut as DirectorOn February 19, 2025, Mr. Laurance Narbut notified the Board of Directors of Barnwell Industries, Inc. that he resigned as a director of the Company, effective February 19, 2025. At the time of his resignation, Mr. Narbut also served as a member of the Reserves Committee of the Board. Mr. Narbut’s resignation was made for purely personal reasons and not as a result of any disagreement with the Company on any matter relating to its operations, policies or practices.Reported Earnings • Feb 16First quarter 2025 earnings released: US$0.19 loss per share (vs US$0.066 loss in 1Q 2024)First quarter 2025 results: US$0.19 loss per share (further deteriorated from US$0.066 loss in 1Q 2024). Revenue: US$4.48m (down 27% from 1Q 2024). Net loss: US$1.92m (loss widened 189% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance.Reported Earnings • Dec 18Full year 2024 earnings released: US$0.56 loss per share (vs US$0.096 loss in FY 2023)Full year 2024 results: US$0.56 loss per share (further deteriorated from US$0.096 loss in FY 2023). Revenue: US$21.7m (down 14% from FY 2023). Net loss: US$5.57m (loss widened 479% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 15Third quarter 2024 earnings released: US$0.12 loss per share (vs US$0.072 loss in 3Q 2023)Third quarter 2024 results: US$0.12 loss per share (further deteriorated from US$0.072 loss in 3Q 2023). Revenue: US$5.53m (down 2.6% from 3Q 2023). Net loss: US$1.25m (loss widened 74% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance.Recent Insider Transactions • Jun 03Insider recently bought US$82k worth of stockOn the 31st of May, Ned Sherwood bought around 28k shares on-market at roughly US$2.88 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$238k. Insiders have collectively bought US$1.6m more in shares than they have sold in the last 12 months.Recent Insider Transactions • May 24Insider recently bought US$63k worth of stockOn the 22nd of May, Ned Sherwood bought around 22k shares on-market at roughly US$2.82 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$238k. Insiders have collectively bought US$2.0m more in shares than they have sold in the last 12 months.Reported Earnings • May 16Second quarter 2024 earnings released: US$0.18 loss per share (vs US$0.12 loss in 2Q 2023)Second quarter 2024 results: US$0.18 loss per share (further deteriorated from US$0.12 loss in 2Q 2023). Revenue: US$5.77m (up 10% from 2Q 2023). Net loss: US$1.77m (loss widened 43% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Recent Insider Transactions • Apr 18Insider recently bought US$238k worth of stockOn the 17th of April, Ned Sherwood bought around 88k shares on-market at roughly US$2.69 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.8m more in shares than they have sold in the last 12 months.お知らせ • Apr 03Barnwell Industries, Inc., Annual General Meeting, May 20, 2024Barnwell Industries, Inc., Annual General Meeting, May 20, 2024, at 19:00 Coordinated Universal Time. Location: Suite 210, Alakea Corporate Tower, 1100 Alakea Street Honolulu, Hawaii Honolulu United States Agenda: To consider the election of directors named herein to serve until the next annual meeting of stockholders and until their respective successors may be elected and qualified; to consider the ratification of the appointment of Weaver and Tidwell, L.L.P. as independent registered public accounting firm for the fiscal year ending September 30, 2024; and to consider other matters.お知らせ • Feb 22Barnwell Industries, Inc. Announces CEO Changes, Effective April 1, 2024Barnwell Industries, Inc. announced the CEO and President positions will transition from Alexander Kinzler to Craig Hopkins effective April 1, 2024. Mr. Kinzler has served as CEO of Barnwell since December 2016, having previously served in various senior leadership positions at the Company since December 1997, and having worked at the Company since 1984. Mr. Hopkins joined Barnwell affiliate Octavian Oil Ltd. (“Octavian”) in February 2017, and Barnwell of Canada (“BOC”) in July 2020, and currently serves as the President of Octavian and as BOC’s President and Chief Operating Officer. Mr. Kinzler will support the leadership transition and will continue to contribute to Barnwell’s success as General Counsel and Corporate Secretary. On April 1, 2024, Mr. Kinzler also will become Executive Chairman of the Company’s Board of Directors. An engineer with close to 30 years of experience in project management, reservoir evaluation, infrastructure development, and energy production and operations, Mr. Hopkins is a proven leader with extensive energy company experience. Prior to joining Octavian and BOC, he held senior roles at energy companies of various sizes including Talisman Energy, Aspect Energy, Atlas Energy, and Crestar Energy. He started his career as a field production engineer with Canadian Occidental Petroleum. As Executive Chairman of the Company’s Board of Directors, General Counsel and Corporate Secretary, Mr. Kinzler will work closely with Mr. Hopkins to drive the Company’s growth by leveraging his longstanding knowledge of the Company’s operations, extensive experience in SEC reporting and other regulatory matters, and familiarity with Barnwell’s customers, shareholders, and other stakeholders. The current Chairman of the Board of Directors, Kenneth Grossman, will transition to the role of Vice Chairman.お知らせ • Feb 21Barnwell Industries, Inc. Announces Executive ChangesBarnwell Industries, Inc. announced the CEO and President positions will transition from Alexander Kinzler to Craig Hopkins effective April 1, 2024. Mr. Kinzler has served as CEO of Barnwell since December 2016, having previously served in various senior leadership positions at the Company since December 1997, and having worked at the Company since 1984. Mr. Hopkins joined Barnwell affiliate Octavian Oil Ltd. (“Octavian”) in February 2017, and Barnwell of Canada (“BOC”) in July 2020, and currently serves as the President of Octavian and as BOC’s President and Chief Operating Officer. Mr. Kinzler will support the leadership transition and will continue to contribute to Barnwell’s success as General Counsel and Corporate Secretary. On April 1, 2024, Mr. Kinzler also will become Executive Chairman of the Company’s Board of Directors. Mr. Kinzler currently owns 939,500 shares of Barnwell’s common stock, representing approximately 9.2% of the Company’s outstanding shares. Relatives of Mr. Kinzler’s own approximately 4% of the Company’s outstanding shares. An engineer with close to 30 years of experience in project management, reservoir evaluation, infrastructure development, and energy production and operations, Mr. Hopkins is a proven leader with extensive energy company experience. Prior to joining Octavian and BOC, he held senior roles at energy companies of various sizes including Talisman Energy, Aspect Energy, Atlas Energy, and Crestar Energy. He started his career as a field production engineer with Canadian Occidental Petroleum. As Executive Chairman of the Company’s Board of Directors, General Counsel and Corporate Secretary, Mr. Kinzler will work closely with Mr. Hopkins to drive the Company’s growth by leveraging his longstanding knowledge of the Company’s operations, extensive experience in SEC reporting and other regulatory matters, and familiarity with Barnwell’s customers, shareholders, and other stakeholders. The current Chairman of the Board of Directors, Kenneth Grossman, will transition to the role of Vice Chairman.Reported Earnings • Feb 14First quarter 2024 earnings released: US$0.066 loss per share (vs US$0.11 profit in 1Q 2023)First quarter 2024 results: US$0.066 loss per share (down from US$0.11 profit in 1Q 2023). Revenue: US$6.16m (down 18% from 1Q 2023). Net loss: US$664.0k (down 161% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year.Reported Earnings • Dec 19Full year 2023 earnings released: US$0.096 loss per share (vs US$0.57 profit in FY 2022)Full year 2023 results: US$0.096 loss per share (down from US$0.57 profit in FY 2022). Revenue: US$25.3m (down 12% from FY 2022). Net loss: US$961.0k (down 117% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 23% per year.お知らせ • Dec 15An unknown buyer entered into an agreement to acquire Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $2 million.An unknown buyer entered into an agreement to acquire Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $2 million on December 14, 2023. Gross proceeds is subject to customary post-closing price adjustments and the purchaser’s completion of due diligence. Transaction is is expected to close in early 2024.Recent Insider Transactions • Dec 01Insider recently bought US$79k worth of stockOn the 29th of November, Ned Sherwood bought around 31k shares on-market at roughly US$2.56 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$192k. Insiders have collectively bought US$2.7m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Nov 18Insider recently bought US$76k worth of stockOn the 16th of November, Ned Sherwood bought around 29k shares on-market at roughly US$2.63 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$258k. Insiders have collectively bought US$2.7m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Oct 19Insider recently bought US$192k worth of stockOn the 17th of October, Ned Sherwood bought around 74k shares on-market at roughly US$2.59 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$258k. Insiders have collectively bought US$2.6m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Sep 06Insider recently bought US$258k worth of stockOn the 1st of September, Ned Sherwood bought around 99k shares on-market at roughly US$2.60 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$2.6m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Aug 20Insider recently bought US$168k worth of stockOn the 17th of August, Ned Sherwood bought around 64k shares on-market at roughly US$2.63 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$447k. Insiders have collectively bought US$2.3m more in shares than they have sold in the last 12 months.New Risk • Aug 16New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (US$26.0m market cap).Reported Earnings • Aug 16Third quarter 2023 earnings released: US$0.072 loss per share (vs US$0.25 profit in 3Q 2022)Third quarter 2023 results: US$0.072 loss per share (down from US$0.25 profit in 3Q 2022). Revenue: US$5.68m (down 29% from 3Q 2022). Net loss: US$717.0k (down 128% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 12Barnwell Industries, Inc. Declares Cash Dividend, Payable on September 11, 2023The Board of Directors of Barnwell Industries, Inc. has declared a cash dividend of $0.015 per share payable on September 11, 2023 to the holders of record as of the close of business on August 24, 2023.Recent Insider Transactions • May 30Insider recently bought US$447k worth of stockOn the 26th of May, Ned Sherwood bought around 170k shares on-market at roughly US$2.64 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$551k. Insiders have collectively bought US$2.4m more in shares than they have sold in the last 12 months.Reported Earnings • May 17Second quarter 2023 earnings released: US$0.12 loss per share (vs US$0.21 profit in 2Q 2022)Second quarter 2023 results: US$0.12 loss per share (down from US$0.21 profit in 2Q 2022). Revenue: US$5.24m (down 22% from 2Q 2022). Net loss: US$1.24m (down 160% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth.Recent Insider Transactions • Apr 21Insider recently bought US$212k worth of stockOn the 19th of April, Ned Sherwood bought around 79k shares on-market at roughly US$2.68 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$551k. Insiders have collectively bought US$2.0m more in shares than they have sold in the last 12 months.Recent Insider Transactions • Apr 06Insider recently bought US$551k worth of stockOn the 3rd of April, Ned Sherwood bought around 202k shares on-market at roughly US$2.73 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.2m more in shares than they have sold in the last 12 months.Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 28%After last week's 28% share price gain to US$2.82, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 6x in the Oil and Gas industry in the US. Total returns to shareholders of 412% over the past three years.Valuation Update With 7 Day Price Move • Mar 15Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to US$2.05, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 6x in the Oil and Gas industry in the US. Total returns to shareholders of 441% over the past three years.お知らせ • Feb 15Barnwell Industries, Inc. Announces Board AppointmentsOn February 9, 2023, the Board of Directors of Barnwell Industries, Inc. expanded the size of the Board from seven to nine and appointed Mr. Joshua S. Horowitz and Mr. Laurance E. Narbut to serve as directors of the company, effective immediately. The Board has determined that each of Messrs. Horowitz and Narbut is independent for the purposes of Section 803A of the NYSE American Company Guide. Mr. Horowitz is the Portfolio Manager at Palm Management (US) LLC. Mr. Horowitz has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen. He began his career at Crossway Partners, a value strategy investment partnership. Mr. Horowitz holds a BS in Management, magna cum laude, from Binghamton University and also studied at the Bath School of Management in the United Kingdom. Mr. Horowitz previously served as a Director of The Lincoln General Insurance Company (private), as well as 1347 Capital Corp, and is currently a Director and Chair of the Finance Committee of Limbach Holdings, a $500 million mechanical engineering concern. He was formerly on the Board of 1347 Property Insurance Holdings, Inc. and Minim, Inc., and Interim Chairman of the Board of Birner Dental Management Services, Inc., where he led the company's sale to Mid Atlantic Dental Partners. Mr. Horowitz also was a Board Observer at Biomerica, Inc. Mr. Horowitz's background in management and the investment community gives him significant insight into corporate operations, investment opportunities, commodities and business issues facing the company and his experience on numerous boards will bring significant strategic, consensus-building and management skills to the company. Mr. Narbut is the founder and Managing Partner of Acceleration Resources LLC, a private equity firm focusing on lower/middle market upstream energy sector since 2013. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and the Parthenon Group. At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiple funds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania. Mr. Narbut's strong background in business, finance, energy strategy and energy investing brings to the Board deep insight into the company's primary upstream oil and gas business as well as the evaluation and financing of a variety of businesses and business opportunities.Upcoming Dividend • Feb 15Upcoming dividend of US$0.015 per share at 2.4% yieldEligible shareholders must have bought the stock before 22 February 2023. Payment date: 13 March 2023. Payout ratio is a comfortable 2.7% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (4.3%).Reported Earnings • Feb 14First quarter 2023 earnings released: EPS: US$0.11 (vs US$0.11 in 1Q 2022)First quarter 2023 results: EPS: US$0.11. Revenue: US$7.51m (up 38% from 1Q 2022). Net income: US$1.09m (up 1.5% from 1Q 2022). Profit margin: 14% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses.Buying Opportunity • Jan 30Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be US$3.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable.お知らせ • Jan 24Barnwell Industries, Inc. Announces Board AppointmentsBarnwell Industries, Inc. announced that it has entered into a cooperation and support agreement with its two largest stockholders, Alexander C. Kinzler, who beneficially owns approximately 9.3% of the Company’s outstanding common stock, and MRMP-Managers LLC, Ned L. Sherwood Revocable Trust, and Ned L. Sherwood, who beneficially own approximately 19.6% of the Company’s outstanding common stock. The Agreement extends for two years the standstill terms of the previous agreement entered into with the MRMP Stockholders in 2021, ending the potential of a proxy contest at the 2023 annual meeting of stockholders. Pursuant to the terms of the Agreement, among other things, the Barnwell Industries, Inc. has agreed to promptly appoint Joshua S. Horowitz and Laurance Narbut to serve on its Board of Directors, subject to certain customary board procedures. The Board has determined that each of Mr. Horowitz and Narbut are independent under applicable NYSE rules and regulations. Mr. Horowitz is a Portfolio Manager at Palm Management (US) LLC. He has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen. He began his career at Crossway Partners, a value strategy investment partnership. Mr. Horowitz holds a BS in Management, magna cum laude, from Binghamton University and also studied at the Bath School of Management in the United Kingdom. Mr. Horowitz previously served as a Director of The Lincoln General Insurance Company (private), as well as 1347 Capital Corp, and is currently a Director and Chair of the Finance Committee of Limbach Holdings, a $500 million mechanical engineering concern. He was formerly on the Board of 1347 Property Insurance Holdings, Inc. and Minim, Inc., and Interim Chairman of the Board of Birner Dental Management Services, Inc., where he led the Company’s sale to Mid Atlantic Dental Partners. Mr. Horowitz also was a Board Observer at Biomerica, Inc. Mr. Narbut is the founder and Managing Partner of Acceleration Resources. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and Parthenon Group. At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiplefunds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania.Buying Opportunity • Jan 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 7.8%. The fair value is estimated to be US$3.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable.Reported Earnings • Dec 30Full year 2022 earnings released: EPS: US$0.57 (vs US$0.73 in FY 2021)Full year 2022 results: EPS: US$0.57 (down from US$0.73 in FY 2021). Revenue: US$28.5m (up 58% from FY 2021). Net income: US$5.51m (down 12% from FY 2021). Profit margin: 19% (down from 35% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.お知らせ • Dec 21Barnwell Industries, Inc. Declares Cash Dividend, Payable on January 11, 2023Barnwell Industries, Inc. announced its Board of Directors has declared a cash dividend of $0.015 per share of common stock. The dividend will be paid on January 11, 2023 to the holders of record as of the close of business on December 27, 2022.Board Change • Nov 16High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. President, CEO, COO, General Counsel & Director Alexander Kinzler is the most experienced director on the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.お知らせ • Oct 28MRMP-Managers Announces Proxy Contest for Full Board Control at Barnwell IndustriesOn October 27, 2022, MRMP-Managers LLC has announced that it plans to run a proxy contest for full board control at Barnwell Industries, Inc. at its 2023 annual meeting of shareholders. MRMP-Managers and its director designees stated that they have endeavored to work cooperatively with CEO Alex Kinzler and the Company’s board, including through a Cooperation and Support Agreement signed in 2021 to avoid a proxy contest at the 2021 annual meeting of shareholders. However, MRMP-Managers stated that it has grown tired of the repeated violations of that agreement by Alex Kinzler and the board and the constant impediments and entrenchment actions by the Company’s board that MRMP-Managers believes stand in the way of progress towards shareholder value.Valuation Update With 7 Day Price Move • Sep 23Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to US$2.55, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 366% over the past three years.Recent Insider Transactions • Sep 15Insider recently bought US$396k worth of stockOn the 13th of September, Ned Sherwood bought around 135k shares on-market at roughly US$2.94 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$314k more in shares than they have sold in the last 12 months.Upcoming Dividend • Aug 15Inaugural dividend of US$0.015 per shareEligible shareholders must have bought the stock before 22 August 2022. Payment date: 06 September 2022. This is the first dividend for Barnwell Industries since going public. The average dividend yield among industry peers is 4.6%.Reported Earnings • Aug 13Third quarter 2022 earnings released: EPS: US$0.25 (vs US$0.59 in 3Q 2021)Third quarter 2022 results: EPS: US$0.25 (down from US$0.59 in 3Q 2021). Revenue: US$8.03m (up 57% from 3Q 2021). Net income: US$2.53m (down 49% from 3Q 2021). Profit margin: 32% (down from 97% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 13Barnwell Industries, Inc. Announces Cash Dividend, Payable on September 6, 2022Barnwell Industries, Inc. announced that the Board of Directors has declared a cash dividend of $0.015 per share payable on September 6, 2022 to the holders of record as of the close of business on August 23, 2022.お知らせ • Aug 10Barnwell Industries, Inc. Announces Board ChangesBarnwell Industries, Inc. announced certain changes made to the composition of board committees Board of Directors and the roles of certain Board members that are intended to improve the effectiveness and collegiality of Board decision-making. Director Kenneth S. Grossman is no longer a member of the Audit Committee, Compensation Committee or Nominating Committee, and the position he held as Vice-Chairman of the Board has been eliminated. Director Francis J. Kelly has succeeded to the committee positions previously held by Mr. Grossman, and Mr. Kelly is now the chairman of the Nominating Committee of the Board of Directors. The Board took the action to remove Mr. Grossman as Vice-Chairman and as a member of the aforementioned committees due to Mr. Grossman’s unfortunate pattern of unprofessional and disruptive behavior, which has included ad-hominem attacks and threats against other members of the Board. The Board is considering additional changes to its composition and operation.Valuation Update With 7 Day Price Move • May 24Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to US$2.76, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 14x in the Oil and Gas industry in the US. Total returns to shareholders of 112% over the past three years.Recent Insider Transactions Derivative • May 22President notifies of intention to sell stockAlexander Kinzler intends to sell 75k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of May. If the sale is conducted around the recent share price of US$2.95, it would amount to US$221k. For the year to September 2015, Alexander's total compensation was 46% salary and 54% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Alexander's direct individual holding has decreased from 932.50k shares to 927.00k. Company insiders have collectively sold US$266k more than they bought, via options and on-market transactions in the last 12 months.Reported Earnings • May 14Second quarter 2022 earnings released: EPS: US$0.21 (vs US$0.10 loss in 2Q 2021)Second quarter 2022 results: EPS: US$0.21 (up from US$0.10 loss in 2Q 2021). Revenue: US$6.68m (up 67% from 2Q 2021). Net income: US$2.05m (up US$2.91m from 2Q 2021). Profit margin: 31% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. President, CEO, COO, General Counsel & Director Alexander Kinzler is the most experienced director on the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.Valuation Update With 7 Day Price Move • Mar 24Investor sentiment improved over the past weekAfter last week's 17% share price gain to US$3.07, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total returns to shareholders of 116% over the past three years.お知らせ • Mar 10Barnwell Industries, Inc. Announces Resignation of Colin R. O’Farrell as DirectorBarnwell Industries, Inc. announced that Mr. Colin R. O’Farrell has decided to resign from its Board of Directors, effective immediately to pursue other opportunities.Recent Insider Transactions • Mar 09Insider recently sold US$509k worth of stockOn the 4th of March, Joseph Magaro sold around 155k shares on-market at roughly US$3.28 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$230k more than they sold in the last 12 months.Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 17% share price gain to US$2.85, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total returns to shareholders of 104% over the past three years.お知らせ • Feb 12Barnwell Industries, Inc. (NYSEAM:BRN) acquired Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta for $1.2 million.Barnwell Industries, Inc. (NYSEAM:BRN) acquired Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta for $1.2 million in January, 2022. Barnwell Industries, Inc. (NYSEAM:BRN) completed the acquisition of Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta in January, 2022.Reported Earnings • Feb 12First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: US$0.11 (up from US$0.071 in 1Q 2021). Revenue: US$5.45m (up 24% from 1Q 2021). Net income: US$1.07m (up 84% from 1Q 2021). Profit margin: 20% (up from 13% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Dec 28Investor sentiment improved over the past weekAfter last week's 21% share price gain to US$2.96, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 16x in the Oil and Gas industry in the US. Total returns to shareholders of 123% over the past three years.Reported Earnings • Dec 23Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$0.73 (up from US$0.57 loss in FY 2020). Revenue: US$18.1m (down 1.3% from FY 2020). Net income: US$6.25m (up US$11.0m from FY 2020). Profit margin: 35% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Oct 25Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to US$2.57, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 20x in the Oil and Gas industry in the US. Total returns to shareholders of 59% over the past three years.Valuation Update With 7 Day Price Move • Sep 28Investor sentiment improved over the past weekAfter last week's 20% share price gain to US$2.72, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 19x in the Oil and Gas industry in the US. Total returns to shareholders of 52% over the past three years.Valuation Update With 7 Day Price Move • Sep 04Investor sentiment improved over the past weekAfter last week's 15% share price gain to US$2.55, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 18x in the Oil and Gas industry in the US. Total returns to shareholders of 34% over the past three years.Reported Earnings • Aug 18Third quarter 2021 earnings released: EPS US$0.59 (vs US$0.42 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.11m (up 28% from 3Q 2020). Net income: US$4.98m (up US$8.43m from 3Q 2020). Profit margin: 97% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 12Barnwell Industries Regains Compliance with NYSEBarnwell Industries, Inc. Chief Executive Officer Alexander Kinzler commented “we are pleased to report that the Company is back in compliance with all of the NYSE American continued listing standards as of June 30, 2021 and we are also now able to disclose that there is no longer substantial doubt as to the Company’s ability to continue as a going concern for the next 15-month period".お知らせ • Jul 15Barnwell Industries Seeks Compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the NYSE American Company GuideBarnwell Industries, Inc. announced that it had unaudited pro forma stockholders’ equity, as of July 13, 2021, in excess of the $4.0 million minimum amount of stockholders’ equity that the Company is required to maintain under the NYSE American’s continued listing standards. As previously reported, on January 13, 2020, the Company received notice from the NYSE American that the Company was not in compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the NYSE American Company Guide (the “Guide”), which respectively require an issuer to have (i) stockholders’ equity of $2.0 million or more if such issuer reported losses from continuing operations and/or net losses in two of its three most recent fiscal years and (ii) stockholders’ equity of $4.0 million or more if such issuer reported losses from continuing operations and/or net losses in three of its four most recent fiscal years, since it had reported stockholders’ equity of $1.2 million as of September 30, 2019 and net losses in three of the last four most recent fiscal years then ended, and that the Company’s common stock could be at risk of being delisted. In accordance with the NYSE American’s policies and procedures, we subsequently submitted a plan to the NYSE American detailing the steps we planned to take to raise our stockholders’ equity above $4.0 million and regain compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the Guide, and was provided until July 13, 2021 by the NYSE American to regain such compliance. A final determination of compliance with the NYSE American’s continued listing standards is subject to review by the NYSE American.Executive Departure • Jul 13Independent Director Robert Inglima has left the companyOn the 30th of June, Robert Inglima's tenure as Independent Director ended after 13.7 years in the role. As of March 2021, Robert still personally held 31.80k shares (US$82k worth at the time). Robert is the only executive to leave the company over the last 12 months.Recent Insider Transactions • May 26Insider recently bought US$344k worth of stockOn the 20th of May, Ned Sherwood bought around 133k shares on-market at roughly US$2.59 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$456k more in shares than they have sold in the last 12 months.Reported Earnings • May 16Second quarter 2021 earnings released: US$0.10 loss per share (vs US$0.18 loss in 2Q 2020)The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: US$4.00m (down 13% from 2Q 2020). Net loss: US$856.0k (loss narrowed 44% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.お知らせ • May 14Barnwell Industries, Inc. (NYSEAM:BRN) acquired additional production and acreage at Twining property.Barnwell Industries, Inc. (NYSEAM:BRN) acquired additional production and acreage at Twining property on April 8, 2021. Barnwell Industries, Inc. (NYSEAM:BRN) completed the acquisition of additional production and acreage at Twining property on April 8, 2021.Recent Insider Transactions • May 11Insider recently sold US$304k worth of stockOn the 6th of May, Joseph Magaro sold around 75k shares on-market at roughly US$4.05 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$65k more than they sold in the last 12 months.分析記事 • Apr 14Here's Why Shareholders May Consider Paying Barnwell Industries, Inc.'s (NYSEMKT:BRN) CEO A Little MoreShareholders will probably not be disappointed by the robust results at Barnwell Industries, Inc. ( NYSEMKT:BRN...分析記事 • Mar 16Barnwell Industries, Inc. (NYSEMKT:BRN) Insiders Increased Their HoldingsIt is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be...お知らせ • Mar 12Barnwell Industries, Inc., Annual General Meeting, Apr 20, 2021Barnwell Industries, Inc., Annual General Meeting, Apr 20, 2021, at 19:00 Coordinated Universal Time. Location: in Suite 210, Alakea Corporate Tower, 1100 Alakea Street, Honolulu Hawaii United States Agenda: To consider the election of a Board of Directors to serve until the next annual meeting of stockholders and until their successors shall have been elected and qualified; to consider the ratification of the selection of the independent auditors for the Company’s fiscal year 2021; and to consider any and all other business which may properly come before the Annual Meeting.株主還元BRNUS Oil and GasUS 市場7D-1.8%1.1%-0.8%1Y-13.4%37.4%27.1%株主還元を見る業界別リターン: BRN過去 1 年間で37.4 % の収益を上げたUS Oil and Gas業界を下回りました。リターン対市場: BRNは、過去 1 年間で27.1 % のリターンを上げたUS市場を下回りました。価格変動Is BRN's price volatile compared to industry and market?BRN volatilityBRN Average Weekly Movement9.5%Oil and Gas Industry Average Movement6.1%Market Average Movement7.2%10% most volatile stocks in US Market16.3%10% least volatile stocks in US Market3.2%安定した株価: BRN 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: BRNの 週次ボラティリティ ( 9% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト195617Craig Hopkinsbrninc.comバーンウェル・インダストリーズ社（Barnwell Industries, Inc.同社は2つのセグメントで事業を展開している：石油・天然ガスと土地投資。同社は石油、天然ガス、天然ガス液体を生産・販売し、土地開発の権益を所有している。同社は1956年に設立され、ハワイ州ホノルルに本社を置く。もっと見るBarnwell Industries, Inc. 基礎のまとめBarnwell Industries の収益と売上を時価総額と比較するとどうか。BRN 基礎統計学時価総額US$14.20m収益（TTM）-US$6.94m売上高(TTM)US$12.51m1.1xP/Sレシオ-2.0xPER（株価収益率BRN は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計BRN 損益計算書（TTM）収益US$12.51m売上原価US$8.54m売上総利益US$3.97mその他の費用US$10.91m収益-US$6.94m直近の収益報告Dec 31, 2025次回決算日該当なし一株当たり利益（EPS）-0.55グロス・マージン31.72%純利益率-55.50%有利子負債／自己資本比率0%BRN の長期的なパフォーマンスは？過去の実績と比較を見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/21 07:57終値2026/05/21 00:00収益2025/12/31年間収益2025/09/30データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Barnwell Industries, Inc. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。0
お知らせ • May 16Barnwell Industries, Inc. announced delayed 10-Q filingOn 05/15/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
お知らせ • Feb 26Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million.Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market Offering
お知らせ • Feb 18Barnwell Industries, Inc. announced delayed 10-Q filingOn 02/17/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
New Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (US$13.1m market cap).
Recent Insider Transactions • Dec 05Insider recently sold US$362k worth of stockOn the 3rd of December, Ned Sherwood sold around 320k shares on-market at roughly US$1.13 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$231k more than they bought in the last 12 months.
Recent Insider Transactions • Nov 28Independent Vice Chairman recently bought US$66k worth of stockOn the 24th of November, Kenneth Grossman bought around 60k shares on-market at roughly US$1.10 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kenneth's only on-market trade for the last 12 months.
お知らせ • May 16Barnwell Industries, Inc. announced delayed 10-Q filingOn 05/15/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
お知らせ • Feb 26Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million.Barnwell Industries, Inc. has filed a Follow-on Equity Offering in the amount of $3.2 million. Security Name: Common Stock Security Type: Common Stock Transaction Features: At the Market Offering
お知らせ • Feb 18Barnwell Industries, Inc. announced delayed 10-Q filingOn 02/17/2026, Barnwell Industries, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
New Risk • Dec 10New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (US$13.1m market cap).
Recent Insider Transactions • Dec 05Insider recently sold US$362k worth of stockOn the 3rd of December, Ned Sherwood sold around 320k shares on-market at roughly US$1.13 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$231k more than they bought in the last 12 months.
Recent Insider Transactions • Nov 28Independent Vice Chairman recently bought US$66k worth of stockOn the 24th of November, Kenneth Grossman bought around 60k shares on-market at roughly US$1.10 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Kenneth's only on-market trade for the last 12 months.
お知らせ • Nov 26Barnwell Industries, Inc. announced that it expects to receive $2.443255 million in fundingBarnwell Industries, Inc. announced that it has entered into a securities purchase agreement to issue 2,221,141 common shares at an issue price of $1.10 for gross proceeds of $2,443,255.1 and warrants to purchase up to 1,029,104 shares of common stock for aggregate proceeds of $2,443,255.1 on November 24, 2025. The transaction includes participation from lead investor, Bradley L. Radoff, and other accredited investors, including certain members of the company’s board of directors. The common warrants have an exercise price of $1.65 per share, can be exercised starting one hundred eighty days following the date of closing of the offering and will be exercisable for three years following the initial exercise date. The offering is expected to close on or about November 28, 2025, subject to the satisfaction of customary closing conditions. The shares, the warrants and the warrant shares are being sold and issued without registration under the securities act of 1933, as amended in reliance on the exemptions provided by section 4(a)(2) of the securities act as transactions not involving a public offering and/or rule 506 promulgated under the securities act as sales to accredited investors.
Board Change • Nov 02High number of new and inexperienced directorsThere are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Vice Chairman Ken Grossman is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Oct 29+ 1 more updateBarnwell Industries, Inc. Announces Executive ChangesBarnwell Industries, Inc. announced the appointment of Philip F. Patman, Jr. as Executive Vice President, Finance. The Company also announced the planned retirement of Alex Kinzler, General Counsel and Secretary. In connection with his appointment as Executive Vice President, Finance, Mr. Patman also has been appointed to Barnwell's Board of Directors. Philip F. Patman Jr. brings more than two decades of global finance, operations, and capital markets leadership across oil and gas, power and renewables, industrial technology, and digital infrastructure. His background includes public and private-company CFO roles, board-level advisory work, execution of equity and debt financings, restructurings, asset sales, joint ventures, and cross-border M&A. He has built and led finance organizations, overseen FP&A, treasury, investor relations, risk management, and multi-jurisdictional reporting, and has partnered with operating teams to drive cost discipline and cash-flow generation. Mr. Patman's background includes senior roles at Pantheon Resources plc, MacroFab, Soluna Holdings, VAALCO Energy, PTT Exploration &Production, Ameresco, earlier work in independent power and project finance, and private equity/infrastructure investing. Mr. Patman holds a B.A. from the University of Texas at Austin Plan II Honors program, and a Juris Doctor from the University of Houston Law Center. He is a licensed attorney in the State of Texas. The Company also announced the appointment of Alyson Bilinski as Vice President of Finance. Alyson Bilinski is a Chartered Accountant who brings over 20 years of finance leadership experience spanning financial reporting, accounting, treasury, tax, risk management, insurance, and operations finance. She has held senior roles in both public and private companies, including more than a decade with a mid-cap exploration and production company dual listed on the TSX and NYSE. Alyson will oversee the Company's day-to-day finance and risk management operations while also serving as a key contributor to the executive team and Board. Her mandate includes supporting acquisition and divestiture activities, strengthening capital allocation discipline, and driving performance across Barnwell's businesses. Alyson is recognized for her ability to build high-performing teams, enable transformational change, and balance the dual imperatives of protecting downside risk and creating upside opportunities. Barnwell reaffirmed that Chief Executive Officer Craig Hopkins and the Company's Calgary-based operating team remain squarely focused on the development of the Twining field, an asset the Company believes offers compelling, long-term cash-flow potential. Mr. Patman will work closely with Mr. Hopkins to align capital allocation, hedging, and operating cadence.
お知らせ • Sep 17Barnwell Industries Adjourns Annual Meeting Again, Impose Bylaw Amendment to Restrict Opposition Shareholders’ VoiceOn September 16, 2025, The Sherwood Group issued a letter to shareholders of Barnwell Industries, Inc. In the letter, Ned L. Sherwood stated that the last two remaining directors (Grossman and Horowitz) of the Company’s adjourned the 2025 annual meeting to September 19, 2025, because of their failure to secure a quorum once again. Ned L. Sherwood stated that Grossman and Horowitz failed to secure a quorum because shareholders refused to change their vote from the green card to Management’s white card. Ned L. Sherwood added that Grossman and Horowitz rather than listen to the will of the shareholders, they have once again robbed shareholders of their voice by disingenuously manipulating the annual meeting process in the interest of getting themselves and two others elected to the Board without having to renominate directors and call for a new annual meeting for 2025.
お知らせ • Aug 21Sherwood Group Issues a Letter to Shareholders of Barnwell IndustriesOn August 21, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc expressing its concern over the company's financial health and management decisions, and stating that the Company has reported negative cash flow for 3 consecutive quarters ending June 30, 2025, total free cash flow loss over 9 months, Cash balances have significantly declined, with negative working capital as of June 30, 2025. In addition, The Sherwood Group stated that the Company board members, Ken Grossman and Josh Horowitz, are accused of spending of nearly $2 million in 6 months, blocking fair elections to entrench themselves, locking in a $3 million loss on a failed Texas investment from 2022. Further, Sherwood Group urged all the Company shareholders to contact the Company Directors and demand transparency on the Texas investment.
Reported Earnings • Aug 14Third quarter 2025 earnings released: US$0.15 loss per share (vs US$0.12 loss in 3Q 2024)Third quarter 2025 results: US$0.15 loss per share (further deteriorated from US$0.12 loss in 3Q 2024). Revenue: US$3.19m (down 42% from 3Q 2024). Net loss: US$1.55m (loss widened 24% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.
New Risk • Jun 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.7m free cash flow). Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$19.9m market cap).
お知らせ • Jun 06Barnwell Industries, Inc. Announces Resignation of Heather Isidoro as Director, Effective May 30, 2025On May 30, 2025, Ms. Heather Isidoro notified the Board of Directors of Barnwell Industries, Inc. (the Company) that she resigned as a director of the Company, effective May 30, 2025. At the time of her resignation, Ms. Isidoro did not serve as a member of any committees of the Board. Ms. Isidoro's resignation was made for personal reasons and not as a result of any disagreement with the Company on any matter relating to its operations, policies or practices.
Board Change • Jun 02High number of new and inexperienced directorsThere are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. Independent Vice Chairman Ken Grossman is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • May 31Sherwood Group Issues Letter to Barnwell shareholdersOn May 30, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc, criticizing Company's management for failing to secure a quorum to elect their proposed directors, and Ned L. Sherwood emphasized that the Delaware Court and SEC ignored shareholder intent, and refused to submit votes, which would contradict shareholders' will. Sherwood argued that management cherry-picked shareholder intent and disqualified qualified director candidates on technicalities and stated that nearly half of the shareholders supported his nominees, while management's nominees had significantly less support. Sherwood urged shareholders to vote for its board nominees.
お知らせ • May 23+ 1 more updateBarnwell Industries, Inc. Announces Delaware Court of Chancery Rules in Favor of Barnwell and Its Board of DirectorsBarnwell Industries, Inc. announced that the Delaware Court of Chancery has ruled in favor of Barnwell and its Board of Directors in determining that the director nomination notice submitted by Ned Sherwood and certain of his affiliates (the “Sherwood Group”) in connection with the Company’s 2025 Annual Meeting of Stockholders was deficient and did not comply with the Company’s bylaws. As a result, the Company will disqualify the Sherwood Group’s nominees from standing for election at the 2025 Annual Meeting, which will be held as an uncontested election on its currently scheduled date of May 29, 2025.
お知らせ • May 20Sherwood Issues Letter to Barnwell shareholdersOn May 19, 2025, The Sherwood Group announced that it has sent a letter to shareholders of Barnwell Industries Inc, in response to Company’s latest attempt to deflect attention from the Company’s financial position, the Sherwood Group urges shareholders to focus on results, and the Company results are long history of financial underperformance, a distressed balance sheet, and now, a going concern warning disclosed, and not even mentioned in its latest press release. In addition, Sherwood Group stated that despite its claims of strategic execution, has failed to generate meaningful operating income, even during favorable commodity cycles, and Sherwood Group stated that it committed to restoring financial discipline, reestablishing strategic focus, and delivering real, lasting value for all shareholders and the path forward starts with accountability. Further, Sherwood Group called on Company management to abandon their efforts in Delaware Court to block a universal proxy and instead respect shareholders’ right to choose the Board members they believe will drive value.
Reported Earnings • May 17Second quarter 2025 earnings releasedSecond quarter 2025 results: Net income: (up US$1.77m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance.
New Risk • May 16New major risk - Revenue and earnings growthEarnings have declined by 2.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.5m free cash flow). Earnings have declined by 2.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$12.3m market cap).
お知らせ • May 02Ned L. Sherwood Issues a Letter to Shareholders of Barnwell IndustriesOn May 1, 2025, Ned L. Sherwood issued a letter to Barnwell Industries, Inc. shareholders announcing his intent to initiate a consent solicitation due to the management's failure to improve Company fundamentals despite previous cooperation agreements. Ned L. Sherwood is also seeking to replace the current board with independent directors to drive shareholder value. Ned L. Sherwood urges all shareholders to approve and submit the blue consent card by mail or electronically as soon as possible so that shareholders can begin his company turnaround efforts to benefit all shareholders.
お知らせ • Apr 29Barnwell Industries, Inc., Annual General Meeting, May 29, 2025Barnwell Industries, Inc., Annual General Meeting, May 29, 2025. Location: suite 210,alakea corporate tower, 1100alakea street, hawaii, honolulu United States
お知らせ • Apr 22Barnwell Industries Issues a Presentation to ShareholdersOn April 21, 2025, Barnwell Industries, Inc. issued a presentation relating to the Sherwood Group’s consent solicitation. However, because the Sherwood Group has also nominated candidates for the Company’s 2025 annual meeting, this presentation may also be considered proxy materials in connection with the 2025 annual meeting and accordingly is being filed as solicitation material under Rule 14a-12.
お知らせ • Apr 18Ned Sherwood Issues Investor Presentation with Shareholders of Barnwell IndustriesOn April 17, 2025, Ned L Sherwood announced that he has issued an investor presentation with shareholders of Barnwell Industries, Inc, stating that it is the time to change, and the Company must return to responsible governance to stop the destruction of shareholder value, Company’s entrenched board’s oversight and management team’s perpetual underperformance must be rejected. In addition, Ned Sherwood stated that shareholders of the Company should demand a complete overhaul of leadership, and shareholders will must no longer be supressed. Ned Sherwood stated that minority board representation has failed to drive change only under pressure from the current consent solicitation has management begun to acknowledge his long-standing recommendations, such as streamlining operations and reducing its legacy Hawaii footprint, a clear sign that partial reform is ineffective. Ned Sherwood stated that his board nominees have skills and experience, and affords all shareholders the optimal team to restore the Company, and shareholders of the Company must consent to effectuate the necessary and immediate change.
お知らせ • Mar 19Ned Sherwood Proposal to Shareholders of Barnwell IndustriesOn March 19, 2025, Ned L Sherwood announce that the consent window has officially begun with the receipt of the first consent and encouraged shareholders of the Company to review the materials carefully and take action by consenting to all 3 proposals.
お知らせ • Mar 12Ned Sherwood Files Preliminary Proxy Statement with Securities and Exchange CommissionOn March 12, 2025, Ned L Sherwood announced that he has filed a preliminary proxy statement with Securities and Exchange Commission, recommending the shareholders of the Company to vote for the election to the Board of Directors of James C. Cornell, Heather Isidoro, Stuart I. Oran, Ned Sherwood and Gregory W. Sullivan, to serve on the Board of Directors until the 2026 annual meeting of the stockholders of the Company or his or her earlier resignation or removal, removal of the current members of the Board of Directors consisting of Kenneth S. Grossman, Joshua S. Horowitz, Alexander C. Kinzler, and Douglas. N. Woodrum, and a proposal to repeal any amendment to the Company’s bylaws that is made by the Board and becomes effective on or after February 4, 2025, and prior to this Proposal becoming effective, at the annual meeting of shareholders.
お知らせ • Mar 06An undisclosed buyer entered into a non-binding letter of intent to acquire an unknown majority stake in Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $1.05 million.An undisclosed buyer entered into a non-binding letter of intent to acquire an unknown majority stake in Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $1.05 million on March 5, 2025. A cash consideration of $1.05 million will be paid by the buyer. The transaction is expected to close in late March 2025.
お知らせ • Feb 24Barnwell Industries, Inc. Announces Resignation of Laurance Narbut as DirectorOn February 19, 2025, Mr. Laurance Narbut notified the Board of Directors of Barnwell Industries, Inc. that he resigned as a director of the Company, effective February 19, 2025. At the time of his resignation, Mr. Narbut also served as a member of the Reserves Committee of the Board. Mr. Narbut’s resignation was made for purely personal reasons and not as a result of any disagreement with the Company on any matter relating to its operations, policies or practices.
Reported Earnings • Feb 16First quarter 2025 earnings released: US$0.19 loss per share (vs US$0.066 loss in 1Q 2024)First quarter 2025 results: US$0.19 loss per share (further deteriorated from US$0.066 loss in 1Q 2024). Revenue: US$4.48m (down 27% from 1Q 2024). Net loss: US$1.92m (loss widened 189% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance.
Reported Earnings • Dec 18Full year 2024 earnings released: US$0.56 loss per share (vs US$0.096 loss in FY 2023)Full year 2024 results: US$0.56 loss per share (further deteriorated from US$0.096 loss in FY 2023). Revenue: US$21.7m (down 14% from FY 2023). Net loss: US$5.57m (loss widened 479% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 15Third quarter 2024 earnings released: US$0.12 loss per share (vs US$0.072 loss in 3Q 2023)Third quarter 2024 results: US$0.12 loss per share (further deteriorated from US$0.072 loss in 3Q 2023). Revenue: US$5.53m (down 2.6% from 3Q 2023). Net loss: US$1.25m (loss widened 74% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance.
Recent Insider Transactions • Jun 03Insider recently bought US$82k worth of stockOn the 31st of May, Ned Sherwood bought around 28k shares on-market at roughly US$2.88 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$238k. Insiders have collectively bought US$1.6m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • May 24Insider recently bought US$63k worth of stockOn the 22nd of May, Ned Sherwood bought around 22k shares on-market at roughly US$2.82 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$238k. Insiders have collectively bought US$2.0m more in shares than they have sold in the last 12 months.
Reported Earnings • May 16Second quarter 2024 earnings released: US$0.18 loss per share (vs US$0.12 loss in 2Q 2023)Second quarter 2024 results: US$0.18 loss per share (further deteriorated from US$0.12 loss in 2Q 2023). Revenue: US$5.77m (up 10% from 2Q 2023). Net loss: US$1.77m (loss widened 43% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Recent Insider Transactions • Apr 18Insider recently bought US$238k worth of stockOn the 17th of April, Ned Sherwood bought around 88k shares on-market at roughly US$2.69 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.8m more in shares than they have sold in the last 12 months.
お知らせ • Apr 03Barnwell Industries, Inc., Annual General Meeting, May 20, 2024Barnwell Industries, Inc., Annual General Meeting, May 20, 2024, at 19:00 Coordinated Universal Time. Location: Suite 210, Alakea Corporate Tower, 1100 Alakea Street Honolulu, Hawaii Honolulu United States Agenda: To consider the election of directors named herein to serve until the next annual meeting of stockholders and until their respective successors may be elected and qualified; to consider the ratification of the appointment of Weaver and Tidwell, L.L.P. as independent registered public accounting firm for the fiscal year ending September 30, 2024; and to consider other matters.
お知らせ • Feb 22Barnwell Industries, Inc. Announces CEO Changes, Effective April 1, 2024Barnwell Industries, Inc. announced the CEO and President positions will transition from Alexander Kinzler to Craig Hopkins effective April 1, 2024. Mr. Kinzler has served as CEO of Barnwell since December 2016, having previously served in various senior leadership positions at the Company since December 1997, and having worked at the Company since 1984. Mr. Hopkins joined Barnwell affiliate Octavian Oil Ltd. (“Octavian”) in February 2017, and Barnwell of Canada (“BOC”) in July 2020, and currently serves as the President of Octavian and as BOC’s President and Chief Operating Officer. Mr. Kinzler will support the leadership transition and will continue to contribute to Barnwell’s success as General Counsel and Corporate Secretary. On April 1, 2024, Mr. Kinzler also will become Executive Chairman of the Company’s Board of Directors. An engineer with close to 30 years of experience in project management, reservoir evaluation, infrastructure development, and energy production and operations, Mr. Hopkins is a proven leader with extensive energy company experience. Prior to joining Octavian and BOC, he held senior roles at energy companies of various sizes including Talisman Energy, Aspect Energy, Atlas Energy, and Crestar Energy. He started his career as a field production engineer with Canadian Occidental Petroleum. As Executive Chairman of the Company’s Board of Directors, General Counsel and Corporate Secretary, Mr. Kinzler will work closely with Mr. Hopkins to drive the Company’s growth by leveraging his longstanding knowledge of the Company’s operations, extensive experience in SEC reporting and other regulatory matters, and familiarity with Barnwell’s customers, shareholders, and other stakeholders. The current Chairman of the Board of Directors, Kenneth Grossman, will transition to the role of Vice Chairman.
お知らせ • Feb 21Barnwell Industries, Inc. Announces Executive ChangesBarnwell Industries, Inc. announced the CEO and President positions will transition from Alexander Kinzler to Craig Hopkins effective April 1, 2024. Mr. Kinzler has served as CEO of Barnwell since December 2016, having previously served in various senior leadership positions at the Company since December 1997, and having worked at the Company since 1984. Mr. Hopkins joined Barnwell affiliate Octavian Oil Ltd. (“Octavian”) in February 2017, and Barnwell of Canada (“BOC”) in July 2020, and currently serves as the President of Octavian and as BOC’s President and Chief Operating Officer. Mr. Kinzler will support the leadership transition and will continue to contribute to Barnwell’s success as General Counsel and Corporate Secretary. On April 1, 2024, Mr. Kinzler also will become Executive Chairman of the Company’s Board of Directors. Mr. Kinzler currently owns 939,500 shares of Barnwell’s common stock, representing approximately 9.2% of the Company’s outstanding shares. Relatives of Mr. Kinzler’s own approximately 4% of the Company’s outstanding shares. An engineer with close to 30 years of experience in project management, reservoir evaluation, infrastructure development, and energy production and operations, Mr. Hopkins is a proven leader with extensive energy company experience. Prior to joining Octavian and BOC, he held senior roles at energy companies of various sizes including Talisman Energy, Aspect Energy, Atlas Energy, and Crestar Energy. He started his career as a field production engineer with Canadian Occidental Petroleum. As Executive Chairman of the Company’s Board of Directors, General Counsel and Corporate Secretary, Mr. Kinzler will work closely with Mr. Hopkins to drive the Company’s growth by leveraging his longstanding knowledge of the Company’s operations, extensive experience in SEC reporting and other regulatory matters, and familiarity with Barnwell’s customers, shareholders, and other stakeholders. The current Chairman of the Board of Directors, Kenneth Grossman, will transition to the role of Vice Chairman.
Reported Earnings • Feb 14First quarter 2024 earnings released: US$0.066 loss per share (vs US$0.11 profit in 1Q 2023)First quarter 2024 results: US$0.066 loss per share (down from US$0.11 profit in 1Q 2023). Revenue: US$6.16m (down 18% from 1Q 2023). Net loss: US$664.0k (down 161% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year.
Reported Earnings • Dec 19Full year 2023 earnings released: US$0.096 loss per share (vs US$0.57 profit in FY 2022)Full year 2023 results: US$0.096 loss per share (down from US$0.57 profit in FY 2022). Revenue: US$25.3m (down 12% from FY 2022). Net loss: US$961.0k (down 117% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 23% per year.
お知らせ • Dec 15An unknown buyer entered into an agreement to acquire Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $2 million.An unknown buyer entered into an agreement to acquire Water Resources International, Inc from Barnwell Industries, Inc. (NYSEAM:BRN) for $2 million on December 14, 2023. Gross proceeds is subject to customary post-closing price adjustments and the purchaser’s completion of due diligence. Transaction is is expected to close in early 2024.
Recent Insider Transactions • Dec 01Insider recently bought US$79k worth of stockOn the 29th of November, Ned Sherwood bought around 31k shares on-market at roughly US$2.56 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$192k. Insiders have collectively bought US$2.7m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Nov 18Insider recently bought US$76k worth of stockOn the 16th of November, Ned Sherwood bought around 29k shares on-market at roughly US$2.63 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$258k. Insiders have collectively bought US$2.7m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Oct 19Insider recently bought US$192k worth of stockOn the 17th of October, Ned Sherwood bought around 74k shares on-market at roughly US$2.59 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$258k. Insiders have collectively bought US$2.6m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Sep 06Insider recently bought US$258k worth of stockOn the 1st of September, Ned Sherwood bought around 99k shares on-market at roughly US$2.60 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$2.6m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Aug 20Insider recently bought US$168k worth of stockOn the 17th of August, Ned Sherwood bought around 64k shares on-market at roughly US$2.63 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$447k. Insiders have collectively bought US$2.3m more in shares than they have sold in the last 12 months.
New Risk • Aug 16New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (US$26.0m market cap).
Reported Earnings • Aug 16Third quarter 2023 earnings released: US$0.072 loss per share (vs US$0.25 profit in 3Q 2022)Third quarter 2023 results: US$0.072 loss per share (down from US$0.25 profit in 3Q 2022). Revenue: US$5.68m (down 29% from 3Q 2022). Net loss: US$717.0k (down 128% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 12Barnwell Industries, Inc. Declares Cash Dividend, Payable on September 11, 2023The Board of Directors of Barnwell Industries, Inc. has declared a cash dividend of $0.015 per share payable on September 11, 2023 to the holders of record as of the close of business on August 24, 2023.
Recent Insider Transactions • May 30Insider recently bought US$447k worth of stockOn the 26th of May, Ned Sherwood bought around 170k shares on-market at roughly US$2.64 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$551k. Insiders have collectively bought US$2.4m more in shares than they have sold in the last 12 months.
Reported Earnings • May 17Second quarter 2023 earnings released: US$0.12 loss per share (vs US$0.21 profit in 2Q 2022)Second quarter 2023 results: US$0.12 loss per share (down from US$0.21 profit in 2Q 2022). Revenue: US$5.24m (down 22% from 2Q 2022). Net loss: US$1.24m (down 160% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth.
Recent Insider Transactions • Apr 21Insider recently bought US$212k worth of stockOn the 19th of April, Ned Sherwood bought around 79k shares on-market at roughly US$2.68 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$551k. Insiders have collectively bought US$2.0m more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Apr 06Insider recently bought US$551k worth of stockOn the 3rd of April, Ned Sherwood bought around 202k shares on-market at roughly US$2.73 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.2m more in shares than they have sold in the last 12 months.
Valuation Update With 7 Day Price Move • Apr 03Investor sentiment improves as stock rises 28%After last week's 28% share price gain to US$2.82, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 6x in the Oil and Gas industry in the US. Total returns to shareholders of 412% over the past three years.
Valuation Update With 7 Day Price Move • Mar 15Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to US$2.05, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 6x in the Oil and Gas industry in the US. Total returns to shareholders of 441% over the past three years.
お知らせ • Feb 15Barnwell Industries, Inc. Announces Board AppointmentsOn February 9, 2023, the Board of Directors of Barnwell Industries, Inc. expanded the size of the Board from seven to nine and appointed Mr. Joshua S. Horowitz and Mr. Laurance E. Narbut to serve as directors of the company, effective immediately. The Board has determined that each of Messrs. Horowitz and Narbut is independent for the purposes of Section 803A of the NYSE American Company Guide. Mr. Horowitz is the Portfolio Manager at Palm Management (US) LLC. Mr. Horowitz has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen. He began his career at Crossway Partners, a value strategy investment partnership. Mr. Horowitz holds a BS in Management, magna cum laude, from Binghamton University and also studied at the Bath School of Management in the United Kingdom. Mr. Horowitz previously served as a Director of The Lincoln General Insurance Company (private), as well as 1347 Capital Corp, and is currently a Director and Chair of the Finance Committee of Limbach Holdings, a $500 million mechanical engineering concern. He was formerly on the Board of 1347 Property Insurance Holdings, Inc. and Minim, Inc., and Interim Chairman of the Board of Birner Dental Management Services, Inc., where he led the company's sale to Mid Atlantic Dental Partners. Mr. Horowitz also was a Board Observer at Biomerica, Inc. Mr. Horowitz's background in management and the investment community gives him significant insight into corporate operations, investment opportunities, commodities and business issues facing the company and his experience on numerous boards will bring significant strategic, consensus-building and management skills to the company. Mr. Narbut is the founder and Managing Partner of Acceleration Resources LLC, a private equity firm focusing on lower/middle market upstream energy sector since 2013. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and the Parthenon Group. At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiple funds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania. Mr. Narbut's strong background in business, finance, energy strategy and energy investing brings to the Board deep insight into the company's primary upstream oil and gas business as well as the evaluation and financing of a variety of businesses and business opportunities.
Upcoming Dividend • Feb 15Upcoming dividend of US$0.015 per share at 2.4% yieldEligible shareholders must have bought the stock before 22 February 2023. Payment date: 13 March 2023. Payout ratio is a comfortable 2.7% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (4.3%).
Reported Earnings • Feb 14First quarter 2023 earnings released: EPS: US$0.11 (vs US$0.11 in 1Q 2022)First quarter 2023 results: EPS: US$0.11. Revenue: US$7.51m (up 38% from 1Q 2022). Net income: US$1.09m (up 1.5% from 1Q 2022). Profit margin: 14% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses.
Buying Opportunity • Jan 30Now 23% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be US$3.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable.
お知らせ • Jan 24Barnwell Industries, Inc. Announces Board AppointmentsBarnwell Industries, Inc. announced that it has entered into a cooperation and support agreement with its two largest stockholders, Alexander C. Kinzler, who beneficially owns approximately 9.3% of the Company’s outstanding common stock, and MRMP-Managers LLC, Ned L. Sherwood Revocable Trust, and Ned L. Sherwood, who beneficially own approximately 19.6% of the Company’s outstanding common stock. The Agreement extends for two years the standstill terms of the previous agreement entered into with the MRMP Stockholders in 2021, ending the potential of a proxy contest at the 2023 annual meeting of stockholders. Pursuant to the terms of the Agreement, among other things, the Barnwell Industries, Inc. has agreed to promptly appoint Joshua S. Horowitz and Laurance Narbut to serve on its Board of Directors, subject to certain customary board procedures. The Board has determined that each of Mr. Horowitz and Narbut are independent under applicable NYSE rules and regulations. Mr. Horowitz is a Portfolio Manager at Palm Management (US) LLC. He has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen. He began his career at Crossway Partners, a value strategy investment partnership. Mr. Horowitz holds a BS in Management, magna cum laude, from Binghamton University and also studied at the Bath School of Management in the United Kingdom. Mr. Horowitz previously served as a Director of The Lincoln General Insurance Company (private), as well as 1347 Capital Corp, and is currently a Director and Chair of the Finance Committee of Limbach Holdings, a $500 million mechanical engineering concern. He was formerly on the Board of 1347 Property Insurance Holdings, Inc. and Minim, Inc., and Interim Chairman of the Board of Birner Dental Management Services, Inc., where he led the Company’s sale to Mid Atlantic Dental Partners. Mr. Horowitz also was a Board Observer at Biomerica, Inc. Mr. Narbut is the founder and Managing Partner of Acceleration Resources. Mr. Narbut has held senior positions at Passport Capital, Richmond Financial, SUN Capital Partners, Credit Suisse First Boston, and Parthenon Group. At Passport Capital, Mr. Narbut was a portfolio manager for the energy strategy, investing across multiplefunds and focused on upstream oil & gas and energy service investments. Mr. Narbut attended Harvard Business School and the University of Pennsylvania.
Buying Opportunity • Jan 10Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 7.8%. The fair value is estimated to be US$3.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable.
Reported Earnings • Dec 30Full year 2022 earnings released: EPS: US$0.57 (vs US$0.73 in FY 2021)Full year 2022 results: EPS: US$0.57 (down from US$0.73 in FY 2021). Revenue: US$28.5m (up 58% from FY 2021). Net income: US$5.51m (down 12% from FY 2021). Profit margin: 19% (down from 35% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.
お知らせ • Dec 21Barnwell Industries, Inc. Declares Cash Dividend, Payable on January 11, 2023Barnwell Industries, Inc. announced its Board of Directors has declared a cash dividend of $0.015 per share of common stock. The dividend will be paid on January 11, 2023 to the holders of record as of the close of business on December 27, 2022.
Board Change • Nov 16High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. President, CEO, COO, General Counsel & Director Alexander Kinzler is the most experienced director on the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
お知らせ • Oct 28MRMP-Managers Announces Proxy Contest for Full Board Control at Barnwell IndustriesOn October 27, 2022, MRMP-Managers LLC has announced that it plans to run a proxy contest for full board control at Barnwell Industries, Inc. at its 2023 annual meeting of shareholders. MRMP-Managers and its director designees stated that they have endeavored to work cooperatively with CEO Alex Kinzler and the Company’s board, including through a Cooperation and Support Agreement signed in 2021 to avoid a proxy contest at the 2021 annual meeting of shareholders. However, MRMP-Managers stated that it has grown tired of the repeated violations of that agreement by Alex Kinzler and the board and the constant impediments and entrenchment actions by the Company’s board that MRMP-Managers believes stand in the way of progress towards shareholder value.
Valuation Update With 7 Day Price Move • Sep 23Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to US$2.55, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 366% over the past three years.
Recent Insider Transactions • Sep 15Insider recently bought US$396k worth of stockOn the 13th of September, Ned Sherwood bought around 135k shares on-market at roughly US$2.94 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$314k more in shares than they have sold in the last 12 months.
Upcoming Dividend • Aug 15Inaugural dividend of US$0.015 per shareEligible shareholders must have bought the stock before 22 August 2022. Payment date: 06 September 2022. This is the first dividend for Barnwell Industries since going public. The average dividend yield among industry peers is 4.6%.
Reported Earnings • Aug 13Third quarter 2022 earnings released: EPS: US$0.25 (vs US$0.59 in 3Q 2021)Third quarter 2022 results: EPS: US$0.25 (down from US$0.59 in 3Q 2021). Revenue: US$8.03m (up 57% from 3Q 2021). Net income: US$2.53m (down 49% from 3Q 2021). Profit margin: 32% (down from 97% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 13Barnwell Industries, Inc. Announces Cash Dividend, Payable on September 6, 2022Barnwell Industries, Inc. announced that the Board of Directors has declared a cash dividend of $0.015 per share payable on September 6, 2022 to the holders of record as of the close of business on August 23, 2022.
お知らせ • Aug 10Barnwell Industries, Inc. Announces Board ChangesBarnwell Industries, Inc. announced certain changes made to the composition of board committees Board of Directors and the roles of certain Board members that are intended to improve the effectiveness and collegiality of Board decision-making. Director Kenneth S. Grossman is no longer a member of the Audit Committee, Compensation Committee or Nominating Committee, and the position he held as Vice-Chairman of the Board has been eliminated. Director Francis J. Kelly has succeeded to the committee positions previously held by Mr. Grossman, and Mr. Kelly is now the chairman of the Nominating Committee of the Board of Directors. The Board took the action to remove Mr. Grossman as Vice-Chairman and as a member of the aforementioned committees due to Mr. Grossman’s unfortunate pattern of unprofessional and disruptive behavior, which has included ad-hominem attacks and threats against other members of the Board. The Board is considering additional changes to its composition and operation.
Valuation Update With 7 Day Price Move • May 24Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to US$2.76, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 14x in the Oil and Gas industry in the US. Total returns to shareholders of 112% over the past three years.
Recent Insider Transactions Derivative • May 22President notifies of intention to sell stockAlexander Kinzler intends to sell 75k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of May. If the sale is conducted around the recent share price of US$2.95, it would amount to US$221k. For the year to September 2015, Alexander's total compensation was 46% salary and 54% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2021, Alexander's direct individual holding has decreased from 932.50k shares to 927.00k. Company insiders have collectively sold US$266k more than they bought, via options and on-market transactions in the last 12 months.
Reported Earnings • May 14Second quarter 2022 earnings released: EPS: US$0.21 (vs US$0.10 loss in 2Q 2021)Second quarter 2022 results: EPS: US$0.21 (up from US$0.10 loss in 2Q 2021). Revenue: US$6.68m (up 67% from 2Q 2021). Net income: US$2.05m (up US$2.91m from 2Q 2021). Profit margin: 31% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27High number of new and inexperienced directorsThere are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. President, CEO, COO, General Counsel & Director Alexander Kinzler is the most experienced director on the board, commencing their role in 1999. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
Valuation Update With 7 Day Price Move • Mar 24Investor sentiment improved over the past weekAfter last week's 17% share price gain to US$3.07, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total returns to shareholders of 116% over the past three years.
お知らせ • Mar 10Barnwell Industries, Inc. Announces Resignation of Colin R. O’Farrell as DirectorBarnwell Industries, Inc. announced that Mr. Colin R. O’Farrell has decided to resign from its Board of Directors, effective immediately to pursue other opportunities.
Recent Insider Transactions • Mar 09Insider recently sold US$509k worth of stockOn the 4th of March, Joseph Magaro sold around 155k shares on-market at roughly US$3.28 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$230k more than they sold in the last 12 months.
Valuation Update With 7 Day Price Move • Mar 01Investor sentiment improved over the past weekAfter last week's 17% share price gain to US$2.85, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total returns to shareholders of 104% over the past three years.
お知らせ • Feb 12Barnwell Industries, Inc. (NYSEAM:BRN) acquired Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta for $1.2 million.Barnwell Industries, Inc. (NYSEAM:BRN) acquired Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta for $1.2 million in January, 2022. Barnwell Industries, Inc. (NYSEAM:BRN) completed the acquisition of Additional Working Interests in Oil and Natural Gas Properties located in Twining area of Alberta in January, 2022.
Reported Earnings • Feb 12First quarter 2022 earnings: Revenues and EPS in line with analyst expectationsFirst quarter 2022 results: EPS: US$0.11 (up from US$0.071 in 1Q 2021). Revenue: US$5.45m (up 24% from 1Q 2021). Net income: US$1.07m (up 84% from 1Q 2021). Profit margin: 20% (up from 13% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Dec 28Investor sentiment improved over the past weekAfter last week's 21% share price gain to US$2.96, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 16x in the Oil and Gas industry in the US. Total returns to shareholders of 123% over the past three years.
Reported Earnings • Dec 23Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$0.73 (up from US$0.57 loss in FY 2020). Revenue: US$18.1m (down 1.3% from FY 2020). Net income: US$6.25m (up US$11.0m from FY 2020). Profit margin: 35% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Oct 25Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to US$2.57, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 20x in the Oil and Gas industry in the US. Total returns to shareholders of 59% over the past three years.
Valuation Update With 7 Day Price Move • Sep 28Investor sentiment improved over the past weekAfter last week's 20% share price gain to US$2.72, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 19x in the Oil and Gas industry in the US. Total returns to shareholders of 52% over the past three years.
Valuation Update With 7 Day Price Move • Sep 04Investor sentiment improved over the past weekAfter last week's 15% share price gain to US$2.55, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 18x in the Oil and Gas industry in the US. Total returns to shareholders of 34% over the past three years.
Reported Earnings • Aug 18Third quarter 2021 earnings released: EPS US$0.59 (vs US$0.42 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.11m (up 28% from 3Q 2020). Net income: US$4.98m (up US$8.43m from 3Q 2020). Profit margin: 97% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 12Barnwell Industries Regains Compliance with NYSEBarnwell Industries, Inc. Chief Executive Officer Alexander Kinzler commented “we are pleased to report that the Company is back in compliance with all of the NYSE American continued listing standards as of June 30, 2021 and we are also now able to disclose that there is no longer substantial doubt as to the Company’s ability to continue as a going concern for the next 15-month period".
お知らせ • Jul 15Barnwell Industries Seeks Compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the NYSE American Company GuideBarnwell Industries, Inc. announced that it had unaudited pro forma stockholders’ equity, as of July 13, 2021, in excess of the $4.0 million minimum amount of stockholders’ equity that the Company is required to maintain under the NYSE American’s continued listing standards. As previously reported, on January 13, 2020, the Company received notice from the NYSE American that the Company was not in compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the NYSE American Company Guide (the “Guide”), which respectively require an issuer to have (i) stockholders’ equity of $2.0 million or more if such issuer reported losses from continuing operations and/or net losses in two of its three most recent fiscal years and (ii) stockholders’ equity of $4.0 million or more if such issuer reported losses from continuing operations and/or net losses in three of its four most recent fiscal years, since it had reported stockholders’ equity of $1.2 million as of September 30, 2019 and net losses in three of the last four most recent fiscal years then ended, and that the Company’s common stock could be at risk of being delisted. In accordance with the NYSE American’s policies and procedures, we subsequently submitted a plan to the NYSE American detailing the steps we planned to take to raise our stockholders’ equity above $4.0 million and regain compliance with Section 1003(a)(i) and Section 1003(a)(ii) of the Guide, and was provided until July 13, 2021 by the NYSE American to regain such compliance. A final determination of compliance with the NYSE American’s continued listing standards is subject to review by the NYSE American.
Executive Departure • Jul 13Independent Director Robert Inglima has left the companyOn the 30th of June, Robert Inglima's tenure as Independent Director ended after 13.7 years in the role. As of March 2021, Robert still personally held 31.80k shares (US$82k worth at the time). Robert is the only executive to leave the company over the last 12 months.
Recent Insider Transactions • May 26Insider recently bought US$344k worth of stockOn the 20th of May, Ned Sherwood bought around 133k shares on-market at roughly US$2.59 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$456k more in shares than they have sold in the last 12 months.
Reported Earnings • May 16Second quarter 2021 earnings released: US$0.10 loss per share (vs US$0.18 loss in 2Q 2020)The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: US$4.00m (down 13% from 2Q 2020). Net loss: US$856.0k (loss narrowed 44% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.
お知らせ • May 14Barnwell Industries, Inc. (NYSEAM:BRN) acquired additional production and acreage at Twining property.Barnwell Industries, Inc. (NYSEAM:BRN) acquired additional production and acreage at Twining property on April 8, 2021. Barnwell Industries, Inc. (NYSEAM:BRN) completed the acquisition of additional production and acreage at Twining property on April 8, 2021.
Recent Insider Transactions • May 11Insider recently sold US$304k worth of stockOn the 6th of May, Joseph Magaro sold around 75k shares on-market at roughly US$4.05 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$65k more than they sold in the last 12 months.
分析記事 • Apr 14Here's Why Shareholders May Consider Paying Barnwell Industries, Inc.'s (NYSEMKT:BRN) CEO A Little MoreShareholders will probably not be disappointed by the robust results at Barnwell Industries, Inc. ( NYSEMKT:BRN...
分析記事 • Mar 16Barnwell Industries, Inc. (NYSEMKT:BRN) Insiders Increased Their HoldingsIt is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be...
お知らせ • Mar 12Barnwell Industries, Inc., Annual General Meeting, Apr 20, 2021Barnwell Industries, Inc., Annual General Meeting, Apr 20, 2021, at 19:00 Coordinated Universal Time. Location: in Suite 210, Alakea Corporate Tower, 1100 Alakea Street, Honolulu Hawaii United States Agenda: To consider the election of a Board of Directors to serve until the next annual meeting of stockholders and until their successors shall have been elected and qualified; to consider the ratification of the selection of the independent auditors for the Company’s fiscal year 2021; and to consider any and all other business which may properly come before the Annual Meeting.
