Although US crude oil futures traded lower this morning after rising sharply recently, there were a few notable insider trades.
When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.
- The Trade: Hess Corporation HES CEO John B Hess disposed a total of around 650,000 shares at an average price of $100.24. The insider received around $65.16 million as a result of the transaction.
- What’s Happening: Hess raised its quarterly dividend from $0.25 to $0.375 per share.
- What Hess Does: Hess Corp is an independent oil and gas producer with key assets in the Bakken Shale, Guyana, the Gulf of Mexico, and Southeast Asia.
- The Trade: Enviva Inc. EVA Director Jeffrey W Ubben sold a total of 501,691 shares at an average price of $75.38. The insider received around $37.82 million from selling those shares.
- What’s Happening: The company recently reported downbeat quarterly sales.
- What Enviva Does: Enviva Inc is a global energy company specializing in sustainable wood bioenergy. It is a producer of sustainable wood pellets, which provide a low-carbon alternative to fossil fuels.
- The Trade: Callon Petroleum Company CPE 10% owner Stephen Schwarzman sold a total of 480,225 shares at an average price of $60.78. The insider received around $29.19 million as a result of the transaction.
- What’s Happening: Truist Securities upgraded Callon Petroleum from Hold to Buy and raised the price target from $64 to $100.
- What Callon Petroleum Does: Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas. Activities are primarily conducted in the Permian Basin region of West Texas and southeastern New Mexico.
- The Trade: Waste Management, Inc WM President, CEO James Fish Jr sold a total of 31,072 shares at an average price of $158.10. The insider received around $4.91 million from selling those shares.
- What’s Happening: Waste Management, last month, reported fourth-quarter FY21 operating revenue growth of 15% year-over-year to $4.68 billion.
- What Waste Management Does: Waste Management ranks as the largest integrated provider of traditional solid waste services in the United States, operating approximately 268 active landfills and about 350 transfer stations (includes acquired Advanced Disposal landfills and transfer stations).
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