HONOLULU - Barnwell Industries, Inc. (NYSE American: BRN), an energy company, has announced a leadership change with Craig Hopkins set to take over as Chief Executive Officer from Alexander Kinzler on April 1, 2024. Kinzler, who has been at the helm since December 2016 and with the company since 1984, will assume the role of Executive Chairman on the same date.
The transition is part of Barnwell's strategy to focus more closely on its natural gas and oil assets. Kinzler, owning approximately 9.2% of the company's shares, will continue to contribute to Barnwell as General Counsel and Corporate Secretary. His relatives own an additional 4% of the company's shares. Kinzler has been credited with guiding the company through various market cycles, including the Covid-19 pandemic, and has played a significant role in the success of Barnwell's Hawaiian Land Investment Segment.
Hopkins, who will be taking over as CEO, has been with Barnwell's affiliate Octavian Oil Ltd. since February 2017 and Barnwell of Canada since July 2020, serving in his current roles as President and Chief Operating Officer. With nearly three decades of experience in the energy sector, Hopkins has held senior positions at Talisman Energy, Aspect Energy, Atlas (NYSE:ATCO) Energy, and Crestar Energy, starting his career as a field production engineer with Canadian Occidental Petroleum (NYSE:OXY).
Kinzler expressed his full support for Hopkins as his successor, noting Hopkins' proven leadership and operational execution skills. Hopkins, in turn, acknowledged Kinzler's leadership and expressed enthusiasm for leading Barnwell's future growth.
Kenneth Grossman, the current Chairman of the Board, will transition to Vice Chairman.
The information in this article is based on a press release statement from Barnwell Industries, Inc.
InvestingPro Insights
As Barnwell Industries, Inc. (NYSE American: BRN) prepares for a significant leadership transition, the company's financial health and market performance provide a backdrop to the changes. The latest data from InvestingPro reveals some key metrics that could be of interest to investors watching this development:
- The Price/Earnings (P/E) Ratio for Barnwell Industries stands at -8.02, indicating that the company is currently not profitable.
- A Price/Book (P/B) Ratio of 1.2 suggests that the stock is trading at a slight premium to the company's book value.
- The Dividend Yield is currently at 2.76%, which might appeal to income-focused investors, especially considering the ex-date of the last dividend was on August 23, 2023.
InvestingPro Tips highlight the significance of the Price/Earnings Growth (PEG) Ratio, which at 0.05 for Barnwell Industries, could suggest that the company’s stock might be undervalued based on its growth expectations. Additionally, the negative Revenue Growth of -21.86% over the last twelve months as of Q1 2024 is a critical factor for investors to consider, as it reflects the company's current challenges in increasing sales.
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