Value Investor
Start free

Battalion Oil

BATL on NYSEAmerican. Market value $60m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

We have not checked this company yet

This is not advice.

Compare with another stock

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 41 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • LUMINUS ENERGY PARTNERS MASTER FUND, LTD.
    Passive investor
    50.4%
    Since 24 March 2026
    What they said

    Item 4 is hereby amended by adding the following: On March 24, 2026, the Master Fund effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited…

    Read the filing
  • Oaktree Capital Group Holdings GP, LLC
    Passive investor
    at least 40.8%
    (filed with 2 related holders)
    Since 13 May 2026
  • at least 39.3%−4.1 pts
    (filed with 2 related holders)
    Since 21 May 2026
    What they said

    As previously disclosed, March 24, 2026, the Master Fund effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited partnership ("LEP…

    Read the filing
  • at least 23.2%
    (filed with 2 related holders)
    Since 25 March 2026
  • OCM HLCN Holdings, L.P.
    Passive investor
    at least 19.4%−21.5 pts
    (filed with 6 related holders)
    Since 17 August 2026
  • GEN IV INVESTMENT OPPORTUNITIES, LLC
    at least 14.1%−9.1 pts
    (filed with 3 related holders)
    Since 7 August 2026
    What they said

    Item 4 of the Schedule 13D is amended to incorporate the information below: Preferred Stock Repurchase and Conversion Agreement. On August 7, 2026, Gen IV entered into the PSRCA with the Company for the purpose of effectuating (i) the Company's repurchase of 5,138 shares of…

    Read the filing
  • Sold down below 5%
    Since 30 June 2026
  • Blackstone Annex Master Fund L.P.
    Passive investor
    Sold down below 5%
    Since 25 March 2026
  • Diveroli Investment Group LLC
    Passive investor
    Sold down below 5%
    Since 26 January 2026
    What they said

    The Reporting Person has disposed of all of the Issuer's securities previously reported. The Reporting Person no longer has any plans or proposals relating to the Issuer.

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $110,032 of shares on the open market. 5 sold $23m.

  • Hinds Gregory S.
    Director
    Bought
    Date
    27 August 2026
    Shares
    14,400
    Price
    $1.31
    Value
    $18,864
  • ROGERS WILLIAM D
    Director
    Bought
    Date
    26 August 2026
    Shares
    70,000
    Price
    $1.30
    Value
    $91,168
  • Mayer Walter R
    SVP, General Counsel
    Sold
    Date
    26 August 2026
    Shares
    6,479
    Price
    $1.30
    Value
    $8,436
  • Barrett Jonathan Dan
    Director
    Sold
    Date
    31 March 2026
    Shares
    1,209,377
    Price
    $3.98
    Value
    $5m
  • Barrett Jonathan Dan
    Director
    Sold
    Date
    30 March 2026
    Shares
    681,105
    Price
    $5.59
    Value
    $4m
  • Mayer Walter R
    SVP, General Counsel
    Sold
    Date
    27 March 2026
    Shares
    4,777
    Price
    $6.00
    Value
    $28,662
  • LSP Investment Advisors, LLC
    Director
    Sold
    Date
    25 March 2026
    Shares
    2,369,769
    Price
    $5.82
    Value
    $14m
  • Rohling Daniel P
    Chief Operating Officer
    Sold
    Date
    25 March 2026
    Shares
    14,421
    Price
    $5.99
    Value
    $86,382
  • Martin Charles E
    VP, Controller
    Sold
    Date
    25 March 2026
    Shares
    7,623
    Price
    $5.25
    Value
    $40,021
  • Rohling Daniel P
    Chief Operating Officer
    Sold
    Date
    24 March 2026
    Shares
    7,837
    Price
    $9.04
    Value
    $70,846

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 13 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On June 24, 2026, Battalion Oil Corporation (the “ Company ”) notified Deloitte & Touche LLP (“ Deloitte ”) that, following a competitive selection process conducted by the Audit Committee of the Board of Directors (the “ Audit Committee ”), the Company had dismissed Deloitte as the independent registered public accounting firm of the Company.”

    From an 8-K filed 30 June 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.