Two Beaten-Down Energy Stocks See Big Insider Buys

marketwatch2023-02-27

Two energy explorers whose stocks outperformed the broader market in 2022—a monster year for the sector—are slumping this year, but insiders at both companies recently bought up shares.ConocoPhillips ...

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Looyusooi
2023-02-28
Looyusooi
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KHAN BRAND
2023-02-27
KHAN BRAND
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The Energy Select Sector SPDR exchange-traded fund (XLE)—which includes both ConocoPhillips and Devon as components—leapt 58% in 2022.This year has been different, however, as oil prices have been slipping in the face of persistent inflation, and gas prices have tumbled as the winter proved warmer than feared. The S&P 500 is now on top with a modest 3.4% gain. ConocoPhillips and Devon stock both down 11%, and the energy ETF has slipped 3.2%.Apart from both having their stock performances being tied to commodity prices, the two companies are quite different. ConocoPhillips is a much larger energy explorer than Devon; the former’s market value stands at $128 billion, while the latter weighs in at only $35 billion. ConocoPhillips is global, while Devon focuses on the Delaware Basin, the west part of the Permian Basin of West Texas and New Mexico.ConocoPhillips reported fourth-quarter numbers on Feb. 2, and Credit Suisse analyst William Janela noted that cash flow per share topped consensus estimates while per-share earnings were more in line. Janela added that guidance was “choppy.” He lowered his target price to $140 from $145, but kept an Outperform rating on ConocoPhillips stock, which hasn’t moved much since the report.ConocoPhillips director R.A. Walker paid $627,000 on Feb. 17 for 6,000 shares, an average price of $104.50 each, and followed that up by paying $618,000 on Feb. 22 for 6,000 more shares, an average price of $103 each. According to forms he filed with the Securities and Exchange Commission, Walker purchased 9,600 shares through a personal account, and 2,400 shares through a limited-liability partnership that he controls. Walker now owns 27,600 ConocoPhillips shares in the personal account, and 6,900 shares through the LLP.Newsletter Sign-upConocoPhillips didn’t respond to a request to make Walker available for comment. A ConocoPhillips director since March 2020, Walker is a former chairman and CEO of Anadarko Petroleum, which was acquired by Occidental Petroleum in 2019. He last purchased ConocoPhillips stock on the open market in August 2021, when Walker paid $1.25 million for 22,500 shares, an average price of $55.50 each.Devon broke investors’ hearts on Valentine’s Day by releasing disappointing fourth-quarter earnings after the market close. Shares tumbled the next few days. Raymond James analyst John Freeman cut the target price on Devon stock to $67 from $80, but kept a Strong Buy rating.Devon President and CEO Richard E. Muncrief paid $532,800 on Feb. 17 for 10,000 shares, an average price of $53.28 each, and followed that up by paying $265,000 on Feb. 22 for 5,000 more shares, an average price of $53 each. He now owns 1,978,977 Devon shares. Devon director John E. Bethancourt paid $250,000 the same day for a total of 4,706 shares, an average price of $53.05 each. Bethancourt now owns 94,669 shares in a personal account, and 941 shares through a trust.Devon didn’t respond to a request to make Muncrief and Bethancourt available for comment. Muncrief has been president and CEO since January 2021 following Devon’s merger with WPX Energy, which he had previously served as chairman and CEO. This is his first open-market purchase of Devon stock.Bethancourt, a Devon director since January 2014, is a retired  Chevron executive (CVX). He last purchased Devon stock on the open market in June 2018, when he paid $500,000 for 12,000 shares, an average price of $41.90 each.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9957789442,"gmtCreate":1677550241086,"gmtModify":1677550244372,"author":{"id":"4100437715079400","authorId":"4100437715079400","name":"Looyusooi","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4100437715079400","authorIdStr":"4100437715079400"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957789442","repostId":2314202559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9957422765,"gmtCreate":1677505318658,"gmtModify":1677505322817,"author":{"id":"4136970966827792","authorId":"4136970966827792","name":"KHAN BRAND","avatar":"https://community-static.tradeup.com/news/2fea8e29369f8def6902130be7f3e72e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4136970966827792","authorIdStr":"4136970966827792"},"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957422765","repostId":2314202559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":40,"commentSize":2,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2314202559"}