US crude oil futures traded higher this morning on Wednesday. Investors, meanwhile, focused on some 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.
HP
- The Trade: HP Inc. (NYSE: NYSE:HPQ) President and CEO Enrique Lores sold a total of 34,000 shares at an average price of $32.67. The insider received around $1.11 million from selling those shares.
- What’s Happening: Evercore ISI Group, on Tuesday, downgraded HP from Outperform to In-Line and announced $36 price target.
- What HP Does: HP Incorporated is a leading provider of computers, printers, and printer supplies. The company's mains segments are personal systems and printing. Its personal systems segment contains notebooks, desktops, and workstations.
Keurig Dr Pepper (NASDAQ:KDP)
- The Trade: Keurig Dr Pepper Inc. (NYSE: KDP) President, Cold Beverages Derek Herbert Hopkins sold a total of 37,500 shares at an average price of $35.55. The insider received around $1.33 million as a result of the transaction.
- What’s Happening: Keurig Dr Pepper recently announced plans to acquire global rights to non-alcoholic brand Atypique.
- What Keurig Dr Pepper Does: Keurig Dr Pepper, the product of a 2018 merger between Dr Pepper Snapple and Keurig Green Mountain, is the third-largest nonalcoholic beverage company in North America.
Booz Allen Hamilton
- The Trade: Booz Allen Hamilton Holding Corporation (NYSE: BAH) President and CEO Horacio Rozanski sold a total of 40,000 shares at an average price of $92.80. The insider received around $3.71 million from selling those shares.
- What’s Happening: Booz Allen Hamilton, last month, secured the National Aeronautics and Space Administration (NASA) Cybersecurity and Privacy Enterprise Solutions and Services (CyPrESS) contract.
- What Booz Allen Hamilton Does: Booz Allen Hamilton Holding Corp is a provider of management consulting services to the U.S. government.
- The Trade: Noble Corporation (NYSE: NE) 10% owner Pacific Investment Management Co LLC sold a total of 341,947 shares at an average price of $25.23. The insider received around $8.63 million from selling those shares.
- What’s Happening: Noble recently announced an agreement to sell five jackup rigs for $375 million.
- What Noble Corporation Does: Noble Corp is an offshore drilling contractor for the oil and gas industry. The company operates under one segment namely, Contract Drilling Services.
Read at Benzinga