Insiders and Executives are Selling These 10 Oil Stocks

Published March 14, 2022 at 9:37 am EDT Updated September 7, 2026 at 2:04 pm EDT

In this article, we discuss 10 oil stocks that insiders and executives are selling.

Insider trading is an effective indicator of a company’s internal affairs. Usually, when insiders cash out, it is because they are privy to some information that has not been made public, and shareholders often follow their footsteps. However, sometimes when insiders retain large positions despite selling, it might only be a quick sell off to liquidate some assets.

In 2021, CEOs and corporate insiders sold a record $69 billion in stock, ahead of rising taxes and volatile share prices. At the end of November 2021, insider selling was up 30% from 2020 to $69 billion. Satya Nadella, Jeff Bezos, and Elon Musk all cashed out of their stock at the highest pace on record in 2021.

Neal Dingmann, managing director of energy research at Truist, joined a CNBC program on March 10 to discuss oil stocks amid the Russia-Ukraine war. According to Dingmann, the crude market has an incredibly high geopolitical risk premium embedded in stock prices, but this will not result in oil companies producing more barrels, since the market supply chain is already tight. Instead of producing more oil given the higher cash inflows due to inflated prices, oil companies are likely to indulge in buybacks and deleveraging, or even higher dividend payouts.

Amid rising prices, some insiders and executives from prominent oil companies are selling off their stocks and taking profits. In addition to the companies discussed below, some of the prominent oil stocks to watch in the current market climate are Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and ConocoPhillips (NYSE:COP).

Insiders and Executives are Selling These 10 Oil Stocks

Photo by Zbynek Burival on Unsplash

Our Methodology

We used Insider Monkey’s latest insider trading data to calculate the number of shares sold by insiders and executives at prominent oil companies from March 1 to March 11, 2022. We have also mentioned the hedge fund sentiment around each stock, which was assessed from the 924 elite funds tracked by Insider Monkey as of December 2021.

Insiders and Executives are Selling These Oil Stocks

10. Talos Energy Inc. (NYSE:TALO)

Number of Hedge Fund Holders: 14

Talos Energy Inc. (NYSE:TALO) was founded in 2011 and is based in Houston, Texas. The company focuses on the exploration and production of oil and natural gas properties in the United States, the Gulf of Mexico, and offshore Mexico. In an extraordinary week for commodities of all kinds, on March 4, the top 20 gainers in energy and natural resources included Talos Energy Inc., which gained 28.1%.

On March 8, Riverstone Energy Partners V, a large shareholder and director of Talos Energy Inc., sold off 4 million shares of the company, priced at $17.41 per share. In the last 12 months, insider selling amounted to $226.4 million, whereas insider purchases over the period were worth only $343,000. The total insider ownership at Talos Energy Inc. is 0.25%.

Talos Energy Inc. on February 25 jumped to its highest in nearly five months after reporting Q4 net income and revenues, as both more than doubled from a year earlier to $81 million and $383 million, respectively. The company’s earnings per share for the fourth quarter of 2021 came in at $0.45, beating market consensus by $0.28.

In the fourth quarter of 2021, 14 hedge funds held long positions in Talos Energy Inc., with collective stakes amounting to approximately $40 million. D E Shaw held the leading position in the company, with 815,768 shares worth close to $8 million.

In addition to Exxon Mobil Corporation, Chevron Corporation, and ConocoPhillips, Talos Energy Inc. is an oil stock on the radar of institutional investors.

9. Viper Energy Partners LP (NASDAQ:VNOM)

Number of Hedge Fund Holders: 10

Based in Midland, Texas, Viper Energy Partners LP (NASDAQ:VNOM) owns and acquires oil and natural gas properties in North America. In Q4 2021, 10 hedge funds were bullish on Viper Energy Partners LP, with Cardinal Capital holding a leading stake in the company. The hedge fund owned 2.8 million shares of Viper Energy Partners LP, worth $60.4 million.

Insider ownership accounts for 0.30% of the total Viper Energy Partners LP stockholders, and from March 1 to March 11, two large shareholders of the company, namely Holdings L.P. Blackstone III and Bx Guidon Topco Llc, sold 564,464 shares of the company collectively. Over the last 12 months, insider selling at Viper Energy Partners LP amounted to approximately $55.5 million.

On February 22, Viper Energy Partners LP declared a quarterly dividend of $0.47 per share, a 23.7% increase from its prior dividend of $0.38. The dividend was distributed on March 11, to shareholders of record on March 4. This payout represents approximately 70% of total cash available for distribution. The company also posted above consensus earnings and revenue for Q4 2021.

Piper Sandler analyst Mark Lear raised the price target on Viper Energy Partners LP to $32 from $29 and kept an Overweight rating on the shares on March 10. The analyst thinks the market is not accurately discounting the duration risk of a higher price environment “given dwindling global spare capacity, the inability of shorter cycle production from filling any near-term supply gaps and the longer-term supply uncertainty”.

Here is what Bernzott Capital Advisors has to say about Viper Energy Partners LP in its Q3 2021 investor letter:

“Viper Energy (VNOM): The combination of higher oil and natural gas prices, an accretive acquisition that enhances their Permian Basin footprint as well as an increase in their quarterly shareholder distribution by 28% drove relative stock performance during the quarter. The company remains well positioned to continue to grow free cash flow and distributions over time based on constructive supply/demand fundamentals in the energy patch coupled with their premiere Permian acreage royalty position.”

8. Callon Petroleum Company (NYSE:CPE)

Number of Hedge Fund Holders: 24

Callon Petroleum Company (NYSE:CPE) is an independent oil and natural gas company, with properties in the Permian Basin in West Texas. Elite hedge funds are buying Callon Petroleum Company stock. In Q4 2021, 24 hedge funds were long Callon Petroleum Company, up from 20 funds in the prior quarter. Didric Cederholm’s Lion Point is the largest shareholder of the company, with 527,538 shares worth roughly $25 million.

Primexx Energy Partners and Blackstone Holdings III L.P. were the major insiders that sold 2.28 million shares of the company in total from March 1 to March 11, and the insider selling over the last 12 months amounted to roughly $44.75 million. 2.10% of the total shares of Callon Petroleum Company are owned by insiders.

Although the Q4 earnings missed estimates, Callon Petroleum Company expects to generate $500 million in free cash flow in 2022.

On March 8, Truist analyst Neal Dingmann upgraded Callon Petroleum Company to Buy from Hold with a price target of $100, up from $64. The company’s continued strong operations and the high commodity prices will enable Callon Petroleum Company to reach leverage of under 1.3-times by the end of 2022, the analyst told investors in a research note.

7. Centennial Resource Development, Inc. (NASDAQ:CDEV)

Number of Hedge Fund Holders: 28

Centennial Resource Development, Inc. (NASDAQ:CDEV) is a Colorado-based independent oil and natural gas company, focused on the development of crude oil and natural gas liquids reserves in the United States.

On February 23, Centennial Resource Development, Inc. announced a $350 million stock repurchase program for two years. The program represents approximately 15% of the company’s current market capitalization. Centennial Resource Development, Inc. traded 4.70% higher post-market, after announcing above consensus Q4 results.

The latest insider selling at Centennial Resource Development, Inc. was declared on March 3. A total of 45.2 million shares were sold by three major insiders, namely REL US Centennial Holdings LLC, Riverstone Non-ECI USRPI AIV, L.P., and Silver Run Sponsor, LLC.

According to Piper Sandler analyst Mark Lear, U.S. exploration and production companies have outperformed the broader market year-to-date, but the equities do not reflect the longer term oil and gas supply uncertainty in the wake of the Ukraine invasion. Lear, on March 10, raised the price target on Centennial Resource Development, Inc. to $10 from $9 and kept a Neutral rating on the shares.

Among the hedge funds tracked by Insider Monkey, 28 funds were bullish on Centennial Resource Development, Inc. in Q4 2021, up from 19 funds in the quarter prior. Two Sigma Advisors held a prominent stake in Centennial Resource Development, Inc., with 4.35 million shares worth $26 million.

6. California Resources Corporation (NYSE:CRC)

Number of Hedge Fund Holders: 29

Based in Santa Clarita, California Resources Corporation (NYSE:CRC) sells crude oil, natural gas, and natural gas liquids to marketers, California refineries, and other purchasers. California Resources Corporation on March 1 declared a $0.16 per share quarterly dividend, in line with previous. The dividend will be paid on March 16, to shareholders of record on March 7.

According to Insider Monkey’s data, California Resources Corporation insiders sold 907,379 shares from March 1 to March 11. A California-based global alternative investment manager, Ares Management LLC, is the most prominent insider who disposed of its shares, and the transactions were priced roughly between $42 and $45 per share.

On February 24, California Resources Corporation’s fourth quarter results were published, and the company reported an EPS of $2.13, above estimates by $0.10. Revenue over the period was $634 million, up 317.1% year-on-year, topping consensus by almost $90 million.

A total of 29 hedge funds were bullish on California Resources Corporation in Q4 2021, up from 25 funds in the quarter prior. The total stakes held at the end of December 2021 were roughly $731 million, compared to $755.3 million in the preceding quarter.

Hedge fund sentiment was largely positive around California Resources Corporation at the end of 2021, just like Exxon Mobil Corporation, Chevron Corporation, and ConocoPhillips.

5. Hess Corporation (NYSE:HES)

Number of Hedge Fund Holders: 36

Hess Corporation (NYSE:HES) was incorporated in 1920 and is headquartered in New York, operating as an exploration and production company that sells crude oil, natural gas liquids, and natural gas.

According to Insider Monkey’s data, insiders at Hess Corporation sold about 1.25 million shares of the company from March 1 to March 11. The leading insider involved in these trades was John Barnett Hess, the CEO of Hess Corporation, with transactions priced between $99 to $101 per share.

On March 1, Hess Corporation declared a $0.375 per share quarterly dividend, a 50% increase from its earlier dividend of $0.25. The dividend is payable on March 30, for shareholders of record on March 14.

Hess Corporation posted its fourth quarter results on January 26, reporting earnings per share of $0.85, above market consensus by $0.12. Revenue over the period jumped 59.14% year-on-year to $2.26 billion, topping estimates by $323.50 million.

Among the hedge funds tracked by Insider Monkey in Q4 2021, 36 funds held long positions in Hess Corporation, up from 27 funds in the previous quarter. Fisher Asset Management held the biggest stake in the company, owning close to 4 million shares worth $294 million.

4. Marathon Oil Corporation (NYSE:MRO)

Number of Hedge Fund Holders: 40

Marathon Oil Corporation (NYSE:MRO) was founded in 1887 and is headquartered in Houston, Texas, engaging in the exploration and production of crude oil and condensate, natural gas liquids, and natural gas.

In a regulatory filing, Marathon Oil Corporation chairman, president, and CEO Lee Tillman disclosed the sale of 54,151 common shares of the company on March 2 at a price of $23.109 per share. Overall, Marathon Oil Corporation insiders sold 496,943 shares as of March 11, and the most notable sellers were Lee Tillman, Dane Whitehead, executive vice president and CFO, and Pat Wagner, executive vice president of corporate development and strategy.

On March 2, Benchmark analyst Subash Chandra downgraded Marathon Oil Corporation to Hold from Buy, removing his prior price target of $19, citing that valuations are “not extreme in context of current oil prices”, but the analyst prefers to focus on companies that are still reflecting oil prices at less than $75 per barrel.

In Q4 2021, 40 hedge funds were bullish on Marathon Oil Corporation according to the database of Insider Monkey, with combined stakes of $969 million. Brandon Haley’s Holocene Advisors is the largest shareholder of the company, with 9.3 million shares worth approximately $154 million.

3. Halliburton Company (NYSE:HAL)

Number of Hedge Fund Holders: 43

Halliburton Company (NYSE:HAL) operates in the energy sector as an oil field service company. According to Insider Monkey’s data, 194,700 Halliburton Company shares were sold off by insiders from March 1 to March 11, and the prominent sellers were the company’s executive vice president and CFO, as well as the presidents of the Eastern and Western Hemisphere, namely Lance Loeffler, Joe Rainey, and Mark Richard.

On January 24, Halliburton Company reported its Q4 results, posting earnings per share of $0.36, surpassing estimates by $0.02. The $4.28 billion revenue gained 32.13% year-over-year, topping market consensus by $191.50 million.

RBC Capital analyst Keith Mackey on January 25 raised the price target on Halliburton Company to $34 from $32 and kept an Outperform rating on the shares. The company’s Q4 results exceeded expectations on most key metrics, and Halliburton Company increased its dividend earlier than expected, which suggests the management’s confidence in expanding its margins while controlling capital expenditure, the analyst told investors in a bullish thesis.

A total of 43 hedge funds held long positions in Halliburton Company at the end of December 2021, up from 29 funds in the quarter prior. Pzena Investment Management is the biggest shareholder of the company, with 38.6 million shares worth $883.35 million.

2. Pioneer Natural Resources Company (NYSE:PXD)

Number of Hedge Fund Holders: 43

Headquartered in Irving, Texas, Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas exploration and production company in the United States, selling oil, natural gas liquids, and gas.

In a regulatory filing, Pioneer Natural Resources Company CEO Scott Sheffield disclosed the sale of 22,247 common shares of the company on March 3, priced at $240.121 per share. Overall, from the beginning of March till March 11, 60,502 shares have been sold off by insiders at Pioneer Natural Resources Company. Other prominent insider executives who sold shares of the company included J.D. Hall, the vice president of operations, and Margaret M. Montemayor, vice president and chief accounting officer.

On February 23, Piper Sandler analyst Mark Lear raised the price target on Pioneer Natural Resources Company to $274 from $256 and kept an Overweight rating on the shares, stating that the exploration and production group is “passing the initial test on promised capital discipline” through price cycles and is broadly not accelerating activity levels in the current price environment.

In Q4 2021, 43 hedge funds were bullish on Pioneer Natural Resources Company, compared to 48 funds in the previous quarter. Adage Capital Management is the biggest shareholder of the company, with 1.6 million shares worth $298.2 million.

Here is what ClearBridge Investments Dividend Strategy has to say about Pioneer Natural Resources Company in its Q3 2021 investor letter:

“Over the last year we have also added a position in Pioneer Natural Resources, a best-in-class producer in the Permian Basin. We added Pioneer as we anticipated rising commodity prices and sought more direct leverage to that trend. Our overweight to energy has benefited our performance this year, in particular through the first half of the year, and we believe the sector, still less than 3% of the S&P 500, remains underinvested and attractive going forward.”

1. Devon Energy Corporation (NYSE:DVN)

Number of Hedge Fund Holders: 51

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based company that explores and produces oil, natural gas, and natural gas liquids in the United States. Devon Energy Corporation is one of the favorite oil stocks on Wall Street. In Q4 2021, 51 hedge funds were long Devon Energy Corporation, up from 48 funds in the prior quarter, with GQG Partners as the largest shareholder of the company.

From March 1 to March 11, Devon Energy Corporation’s insiders had sold 121,482 shares of the company, and the sellers were Tana Cashion, executive vice president of human resources and administration, Jeremy Humphers, the senior vice president and chief accounting officer, and Jeff Ritenour, the chief financial officer. Cashion sold her shares at a price of $58.41 a piece, whereas Humphers made two transactions to discard shares, priced at $59.42 and $62.40. Ritenour sold 55,000 shares on March 11, priced at $58.35 per share.

On March 2, Benchmark analyst Subash Chandra downgraded Devon Energy Corporation to Hold from Buy, removing his prior price target of $48, suggesting that he sees “substantially higher” total return potential in some other small-to-mid cap and natural gas names.

Here is what GoodHaven Capital Management has to say about Devon Energy Corporation in their Q4 2020 investor letter:

“After a rough start to the year our two biggest energy holdings – WPX Energy rebounded materially in the last six months though energy was still our biggest detractor for the year. I’ve previously written about deciding earlier this year to direct new capital towards better businesses versus adding more to the energy sector, but given the material optionality at WPX, we opted to maintain a material exposure. Recently WPX announced an all stock merger with a larger competitor – Devon Energy – which will leave the new company with plenty of cash flow at lower oil prices, less leverage, and material upside to higher commodity prices.”

You can also take a look at 10 Nuclear Energy Stocks to Buy Now and Top 10 Stocks Billionaire Seth Klarman is Selling Off.

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