CEOs of Leggett & Platt Inc. (LEG) and Magellan Midstream Partners L.P. (MMP) Trim Equity Stakes; Other Insider Trading

Mini-Cluster of Insider Buying at Large Producer and Transporter of Energy

Two insiders at Dominion Resources Inc. (NYSE:D) filed Tuesday to disclose the purchase of some shares. To begin with, Board member Michael E. Szymanczyk snatched up 10,000 shares on Friday at prices varying from $71.59 to $71.75 per share, all of which are held in the Szymanczyk Family Joint Trust that owns 25,000 shares after the purchase. Mr. Szymanczyk also holds a direct ownership stake of 11,278 shares. Susan N. Story, yet another member of the company’s boardroom, bought 1,000 shares on the same day at $71.90 apiece. Ms. Story currently owns an aggregate of 1,562 shares following the Friday purchase.

The insider purchases come immediately after the large producer and transporter of energy released its financial results for the fourth quarter. Dominion Resources Inc. (NYSE:D) issued a discouraging operating earnings guidance of $3.40-to-$3.90 per share for 2017, which implies a decline of 3.9% from 2016 at the midpoint. Increased revenues from growth projects and the recently-completed acquisition of Rockies-based integrated natural gas company Dominion Questar are expected to positively impact the company’s operating earnings going forward. The company anticipates growth to resume in 2018, when operating earnings are expected to increase by at least 10%, as well as expects operating earnings to continue growing at a compound annual rate of 6%-to-8% through 2020. The shares of Dominion Resources, which plans to change its name to Dominion Energy, are up 2% in the past 12 months. Russell Lucas’ Lucas Capital Management owned 3,275 shares of Dominion Resources Inc. (NYSE:D) at year-end.

CEO of Magellan Midstream Partners Sells Shares

Let’s shift focus toward the noteworthy insider sales reported with the SEC on Tuesday, starting with the insider selling at Magellan Midstream Partners L.P. (NYSE:MMP). President and CEO Michael N. Mears offloaded 50,000 shares on Friday at prices that fell between $78.50 and $79.20 per share. Mr. Mears owns a total of 184,440 common units after the sale.

The shares of the publicly-traded limited partnership engaged in the transportation, storage and distribution of refined petroleum products and crude oil have gained 32% in the past year. Magellan Midstream Partners L.P. (NYSE:MMP) recently announced the closure of its pipeline in Worth Country, Iowa, after spilling around 3,300 barrels of diesel fuel. A couple of days later, the company said that only 1,115 barrels of diesel spilled from its refined products pipeline, significantly lower than original estimates. The spill might have come at the most inopportune time, as pipeline safety has become a hot topic of discussion in the United States. Protesters and environmental activists rallied against plans to pass the Dakota Access pipeline beneath a lake near the Standing Rock Sioux reservation, arguing that the pipeline would threaten water resources and sacred Native American sites. J. Alan Reid’s Forward Management added a stake of 148,226 shares in Magellan Midstream Partners L.P. (NYSE:MMP) to its portfolio during the fourth quarter.

The very last page of this article reveal some insider selling recently seen at two other companies.