Insider Trades: 9 directors that bought more shares during reporting season
There were nine notable directors that purchased more shares post earnings.
Source: iStock
Mentioned
KEY POINTS
- AGL directors continue to buy shares after a sharp post earnings selloff
- Whitehaven, Tabcorp, Chorus, CBA, AMP, GWA Group and Dexus directors all purchased more shares after half-year results
A summary of director transactions valued at over $50,000 between 20 to 25 February.
Insider buys
Code | Company | Date | Director | Type | Price | Value | Notes |
|---|---|---|---|---|---|---|---|
Whitehaven Coal | 20/2/23 | George Zage | Buy | $7.59 | $1,002,368 | On-market trade. | |
Servcorp | 17/2/23 | Alfred Moufarrige | Buy | $3.38 | $256,121 | On-market trade. | |
Tabcorp | 22/2/23 | Adam Rytenskild | Buy | $1.01 | $253,340 | On-market trade. | |
Thorney Technologies | 17/2/23 | Alexander Waislitz | Buy | $0.21 | $243,047 | On-market trade. | |
Chorus | 21/2/23 | William Irving | Buy | $8.00 | $119,973 | On-market trade. | |
Commonwealth Bank | 20/2/23 | Paul O'Malley | Buy | $101.88 | $101,880 | On-market trade. | |
AGL Energy | 22/2/23 | John Pollaers | Buy | $6.92 | $69,193 | On-market trade. | |
AMP | 20/2/23 | Andrew Best | Buy | $1.10 | $54,875 | On-market trade. | |
AMP | 22/2/23 | Michael Sammells | Buy | $1.10 | $54,744 | On-market trade. | |
GWA Group | 20/2/23 | Richard Thornton | Buy | $1.81 | $54,315 | On-market trade. | |
Thorney Technologies | 20/2/23 | Alexander Waislitz | Buy | $0.21 | $52,500 | On-market trade. | |
Dexus | 22/2/23 | Elaine Rubin | Buy | $8.61 | $50,051 | On-market trade. |
Interesting observations
Whitehaven Coal: Half-year dividend miss but earnings in-line
Whitehaven shares whipsawed on half-year FY23 results on 16 February, down -2.8% from session lows of -12.3%. The $1.78bn profit was in-line with consensus expectations of $1.74bn but the dividend was 33% weaker than Macquarie forecasts. Still, the broker reaffirmed an OUTPERFORM rating with a $12.00 target price. "In a spot price scenario, WHC is trading off FCF yields of >25% from FY23 onwards," the analysts noted.
Tabcorp: Ambitious goals for FY25
Half-year FY23 results noted 11% revenue growth to $1.275bn and statutory net profits of $52m which handily beat analyst expectations of $41.2m. Tabcorp also revealed ambitious goals for FY25, targeting 30% digital revenue market share and doubling ROIC.
Chorus: Results in-line
The stock fell -5.3% to a four month low just two days after its half-year results. EBITDA for the first half was NZ$342m, largely unchanged compared to N$347m a year ago and a beat against analyst expectations of $338m. Full-year EBITDA guidance was upgraded to NZ$675-690m compared to prior guidance of NZ$655-675m.
AGL: Directors are loading up
AGL's posted an outsized statutory loss of $1.08bn while underlying net profit fell -55% to $87m. The share price results on results day was in-line with the abysmal result, down 10.3%.
Interestingly, most brokers remain positive on AGL's near-term outlook. For example, UBS expects AGL earnings to more than double by FY24 as tariffs pass -through to higher electricity prices. Among 14 major brokers, 50% were Buy rated and 36% viewed the stock as a Hold.
In line with the view that AGL should experience some earnings tailwinds over the next 2-3 years, there's been a long list of directors buying stock following the half-year result on February 9th.
Source: Market Index
Outsized insider selling
Interesting observations
Bellevue Gold: Steve Parsons reduced his shareholding following a move from Managing Director to Non-executive Director. This follows some management changes in preparation for the company's transition to production and cashflow. He retains approximately 17 million shares after last week's sale.
