Executives Sell Over $740M Of 4 Stocks

Although US crude oil futures traded lower on Tuesday, 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.

Callon Petroleum

• The Trade: Callon Petroleum Company CPE 10% owner Stephen Schwarzman sold a total of 193,099 shares at an average price of $61.60. The insider received around $11.9 million from selling those shares.
• What’s Happening: The company’s stock has gained around 20% since the start of the year.
• What Callon Petroleum Does: Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas.

PG&E

• The Trade: PG&E Corporation PCG 10% owner PG&E Fire Victim Trust sold a total of 60,000,000 shares at an average price of $12.04. The insider received around $722.4 million from selling those shares.
• What’s Happening: PG&E reported commissioning of 182.5-megawatt Tesla Megapack Battery Energy Storage System.
• What PG&E Does: PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.6 million gas customers in 47 of the state's 58 counties.

Also check this: 4 Stocks Under $5 Insiders Are Aggressively Buying

Targa Resources

• The Trade: Targa Resources Corp. TRGP Director Joe Bob Perkins sold a total of 66,350 shares at an average price of $78.37. The insider received around $5.2 million as a result of the transaction.
• What’s Happening: Targa Resources, last month, reported a deal to acquire Southcross Energy Operation for $200 million.
• What Targa Resources Does: Targa Resources is a midstream firm that primarily operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays.

Have a look at our premarket coverage here .

Viper Energy Partners

• The Trade: Viper Energy Partners LP VNOM 10% owner Stephen Schwarzman sold a total of 32,000 shares at an average price of $31.55. The insider received around $1.01 million from selling those shares.
• What’s Happening: Keybanc recently maintained Viper Energy Partners with an Overweight and raised the price target from $28 to $33.
• What Viper Energy Partners Does: Viper Energy Partners was formed by Diamondback Energy in 2014 to own mineral royalty interests in the Permian Basin. At the end of 2020, Viper owns 24,350 net royalty acres that produced 26,551 boe/d.