Insider Trades: 7 AGL directors buy the dip as shares tumble on half-year results
AGL shares fell 10% on the day of its half-year results but directors seem to see value in the dip.
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Mentioned
KEY POINTS
- Seven AGL directors bought a collective ~$546,000 in shares post earnings
- Seven Group Director adds to her stake post earnings
- Syrah Resources CEO sells for tax obligations
A summary of the top director transactions for ASX 200 companies between 6-17 February.
12 Large Cap Insider Moves by Value
Code | Company | Date | Director | Type | Price | Value | Notes |
|---|---|---|---|---|---|---|---|
AGL Energy | 13/2/23 | Damien Nicks | Buy | $7.00 | $189,000 | On-market trade. | |
Seven Group | 16/2/23 | Rachel Argaman | Buy | $24.15 | $156,975 | On-market trade. | |
Syrah Resources | 6/2/23 | Shaun Verner | Sell | $1.98 | $145,137 | On-market trade. | |
AGL Energy | 13/2/23 | Christine Holman | Buy | $7.00 | $105,000 | On-market trade. | |
AGL Energy | 13/2/23 | Miles George | Buy | $7.01 | $69,369 | On-market trade. | |
AGL Energy | 13/2/23 | John Pollaers | Buy | $6.87 | $49,779 | On-market trade. | |
Chalice Mining | 7/2/23 | Derek La Ferla | Buy | $6.34 | $49,452 | On-market trade. | |
AGL Energy | 15/2/23 | Mark Bloom | Buy | $7.00 | $49,000 | On-market trade. | |
AGL Energy | 13/2/23 | Patricia McKenzie | Buy | $7.00 | $49,000 | On-market trade. | |
WAM Capital | 8/2/23 | Geoffrey Wilson | Buy | $1.69 | $39,145 | On-market trade. | |
Boral | 13/2/23 | Mark Johnson | Buy | $3.57 | $35,650 | On-market trade. | |
AGL Energy | 13/2/23 | Vanessa Sullivan | Buy | $7.00 | $35,000 | On-market trade. |
Stocks of Interest
AGL Energy: Directors loading up
Seven separate AGL directors have purchased a collective $546,000 in shares following the company's half-year result on February 9th. Their roles include:
Non-executive directors: Mark Bloom, John Pollaers, Christine Holman, Miles George
Chief Executive Officer: Damien Nicks
Director: Patricia McKenzie
The result itself was far from impressive, with underlying net profits down 55%, to $87 million and a statutory loss of more than $1bn thanks to extended outages at its Loy Yang and Hunter Valley power plants.
The general consensus among brokers is that the company will see earnings more than double by FY24 as tariffs pass-through to higher electricity prices.
Among 14 sell-side ratings, 50% are Buy, 36% Hold and 14% Sell. The average target price fell -7% post earnings, to $8.11.
Seven Group: Post earnings buying
Seven posted a well-rounded half-year FY23 result with revenue up 16% to $4.61bn, adjusted EBITDA up 12% to $842m and guided to low to mid-teen EBIT growth for the full year. The stock was up almost 50% from last September lows, so after such an outsized move, results day was rather volatile:
Session high: +5.3%
Session low: -3.4%
Close: +1.3%
Nevertheless, Director Rachel Argaman purchased a ~$157,000 lot of shares the following day.
Syrah Resources: CEO sells for tax obligations
Syrah Resources notes that "Mr Verner has sold 220,000 shares to meet personal tax obligations, and subsequent to the sale continues to hold 1,209,274 shares and 4,738,632 performance rights (directly and indirectly)."
Syrah shares are down around 6.5% since the sale, in parallel with a broad-based pullback for equity markets.
