New York, January 17, 2026, 08:05 EST — The market has closed.
- Argan shares surged 16.4% to close at $383.66 on Friday, as volume spiked noticeably.
- A Rule 144 notice signaled a possible sale of as many as 19,000 shares near Jan. 20.
- U.S. markets will reopen Tuesday; Argan’s dividend record date falls on Jan. 22.
Shares of Argan, Inc. (NYSE: AGX) surged 16.4% on Friday, finishing at $383.66. The move puts the power-plant contractor’s market cap near $4.2 billion. 1
The shift comes just before a quiet patch for U.S. markets. Wall Street will be closed Monday for Martin Luther King Jr. Day, pushing the earliest test of buyer interest to Tuesday. 2
Argan is nearing a dividend milestone. It plans to pay a $0.50-per-share quarterly dividend on Jan. 30 to shareholders of record as of Jan. 22. CEO David Watson emphasized that the dividend remains a “key tenet” of the company’s capital allocation strategy. 3
A Rule 144 filing on Thursday revealed director Cynthia A. Flanders might offload as many as 19,000 shares, targeting around Jan. 20 for the sale, with Merrill Lynch handling the brokerage, per the filing summary. Earlier this week, a Form 4 noted that Flanders exercised stock options through a net-settlement approach. 4
Friday’s rally sparked a surge in volume, with roughly 893,000 shares traded—up sharply from around 249,000 the day before. The stock hit a peak of $392.48. 5
Arlington, Virginia-based Argan delivers engineering, procurement, and construction services for power generation projects via its Gemma and Atlantic Projects divisions. The company also operates in industrial construction and telecommunications infrastructure, Reuters reports. 6
Argan posted third-quarter net income of $30.7 million, or $2.17 per share, on $251.2 million in revenue. The company noted its project backlog—work contracted but not yet done—stood at roughly $3.0 billion as of Oct. 31. It also held $726.8 million in cash, cash equivalents, and investments, with zero debt. Watson highlighted the pressing need for new gas projects, citing rising demand tied to the “electrification of everything.” 7
But EPC work tends to be uneven. Revenue can bounce between quarters depending on project schedules, customer go-aheads, and supply-chain snags. Plus, planned insider sales often create extra volatility after a big price move.
Trading won’t resume until Tuesday, leaving the big question: was Friday just a brief spike in volume or the beginning of a more consistent trend? The next key date to watch is Jan. 22, when Argan’s dividend record date hits. 8
