Board Member of Oil and Gas Company Buys More Shares Amid Stock Price Weakness
One member of Occidental Petroleum Corporation (NYSE:OXY)’s boardroom bought some shares earlier this week, after the company’s shares have experienced two major slumps since early September. William R. Klesse, Board member since 2013, purchased 10,000 shares on Monday at a price tag of $64.89 each, boosting his overall holding to 47,940 shares.
The oil and gas company recently announced the acquisition of 35,000 acres of West Texas acreage for a cash consideration of $2 billion, increasing its position in the oil-rich Permian Basin. As part of the deal, Occidental Petroleum Corporation (NYSE:OXY) also purchased interests in several Permian Basin enhanced oil recovery (EOR) and CO2 properties, and related infrastructure. Nonetheless, the Houston-based company reported a larger-than-expected loss for the third quarter shortly the acquisition announcement, putting downward pressure on the stock. Occidental Petroleum recorded a net loss of $241 million, as compared to the loss of $2.61 billion posted a year ago. The company’s third-quarter production declined by 12% year-over-year to 605,000 barrels of oil equivalent per day. Despite the weak stock performance over the past two months or so, Occidental Petroleum’s shares are up 1% this year. John A. Levin’s Levin Capital Strategies reported owning 2.79 million shares of Occidental Petroleum Corporation (NYSE:OXY) through the latest round of 13Fs.
CEO of Possible Acquisition Target in U.S. Food Industry Buys Shares
The man at the helm of Pinnacle Foods Inc. (NYSE:PF) also bought some shares last week. Mark A. Clouse, the Chief Executive Officer of Pinnacle Foods since late May of 2016, acquired 10,000 shares on Friday at prices that fell between $47.40 and $47.82 per share. Mr. Clouse currently holds an aggregate of 105,057 shares following the recent purchase.
The manufacturer, marketer and distributor of branded convenience food products has seen the value of its shares drop by nearly 6% in the past five trading sessions, which possibly encouraged the CEO to pile up some shares. Nonetheless, the shares of Pinnacle Foods Inc. (NYSE:PF) have gained 14% year-to-date, partially due to expectations that U.S. food company Conagra Brands Inc. (NYSE:CAG), which has been undergoing a massive transformation in the past several years, could be interested in acquiring braded food company Pinnacle Foods. “We believe ConAgra and Pinnacle synergies would be among the highest in U.S. food,” said RBC analysts recently. Iridian Asset Management, founded by David Cohen and Harold Levy, acquired a new stake of 5.25 million shares of Pinnacle Foods Inc. (NYSE:PF) during the September quarter.
The final page of the article will focus on discussing fresh insider selling witnessed at two other companies.