Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Billionaire Ray Davis Among Insiders Buying Shale Stocks

Published 03/11/2020, 04:06 PM
Updated 03/11/2020, 04:37 PM
Billionaire Ray Davis Among Insiders Buying Shale Stocks

Billionaire Ray Davis Among Insiders Buying Shale Stocks

(Bloomberg) -- Shale insiders are swooping in to buy stock in their ailing firms this week after an oil price war erupted between Saudi Arabia and Russia late Sunday.

The purchases come as many shares are trading at record lows, and companies have responded by slashing capital spending and operating costs to protect their balance sheets in the midst of weak crude oil prices.

Ray Davis, Energy Transfer LP board member and co-owner of Major League Baseball’s Texas Rangers, scooped up 1.28 million shares in the pipeline company at an average price of $7.77 on March 9, according to a filing. The Texas-based billionaire is the fifth largest holder in Energy Transfer with about a 3.3% stake, according to data compiled by Bloomberg.

Another purchase came from NuStar Energy LP Chairman William Greehey, who bought 200,000 NuStar shares at an average price of $12.24, according to a filing. Greehey is the third largest holder in the midstream firm, with a 9.02% stake, Bloomberg data show.

Elsewhere, Travis Stice, CEO of shale driller Diamondback Energy Inc., bought 17,146 indirectly owned shares at an average price of $28.40 on March 10, a filing showed. Range Resources Corp (NYSE:RRC). board member Steffen Palko also bought 903,128 shares for an average price of $2.20, increasing his holdings in the underperforming natural gas driller to 1 million shares.

Since February 20, oil and gas insiders have spent about $93 million purchasing their companies’ stocks, according to data compiled by the Washington Service.

See more purchases here.

(Updates with data from Washington Service in 6th paragraph.)

Latest comments

where is the link?
there was no link
no link
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.