CEOs of Parsley Energy Inc. (PE) and Hecla Mining Company (HL) Are Discarding Shares, Plus Insider Buying at 3 Other Companies

Successful Independent Oil and Natural Gas Company Registers Massive Cluster of Insider Selling

Parsley Energy Inc. (NYSE:PE) had a massive cluster of insider selling this week, which might unnerve even the most seasoned investors. To begin with, Board member David H. Smith sold 6,250 Class A shares on Monday at prices of approximately $32.99 per share, cutting his overall holding to 30,861 shares. More importantly, President and CEO Bryan Sheffield discarded a whopping 1.10 million Class A shares on the same day for $32.15 each, trimming his direct ownership stake to 13.17 million Class A shares. The founder of Parsley Energy also owns 20.72 million Class B shares, where each share has no economic rights but entitles holders to one vote on all matters. Colin Roberts, General Counsel and Secretary since April 2013, offloaded 25,000 shares on Monday at prices varying from $32.66 to $32.98 per share, which cut his holding to 243,770 shares.

The shares of the independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin are up an impressive 80% since the start of the year. Parsley Energy Inc. (NYSE:PE)’s total revenues for the three months that ended June 30 increased to $106.31 million from $77.86 million reported a year ago, predominantly reflecting an increase in oil production volumes. Royce & Associates, founded by Chuck Royce, was the owner of 116,000 shares of Parsley Energy Inc. (NYSE:PE) at the end of June.

The CEO of Hecla Mining Jettisons Sizeable Block of Shares

The man in charge of Hecla Mining Company (NYSE:HL) also sold a sizeable block of shares this week. CEO Phillips S. Baker Jr. discarded 392,863 shares on Tuesday at $7.05 apiece, cutting his ownership to 2.66 million shares. This ownership stake includes 888,909 shares that are deferred under the Hecla Mining Company Key Employee Deferred Compensation Plan and 300,753 unvested restricted stock units.

The discoverer and producer of silver, gold, lead and zinc has seen its market value spike by an unimaginable 284% since the beginning of the year, primarily reflecting the rally in the previous metals sector. Earlier this week, JPMorgan analysts upgraded Hecla Mining Company (NYSE:HL) to ‘Overweight’ from ‘Neutral’ with a price target of $8, citing “high quality assets in increasingly attractive locations.” In late May, the company agreed to purchase Mines Management Inc. (NYSEMKT:MGN), a company engaged in the business of exploring mineral properties containing precious and base metals. Royce & Associates has 1.78 million shares of Hecla Mining Company (NYSE:HL) in its portfolio as of the end of the second quarter.

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