CFO Jeffrey Wayne Sheets sold 15,746 shares of the business’s stock in a transaction on Thursday, November 19th. The stock was sold at an average price of $54.00, for a total value of $850,284.00.
14 replies (most recent on top)
Yes this is an insider trading, but they were publicly listed and allowed by SEC. It is common for management to buy/sell their own company's stock. You can read all the information about COP insider trading here:
https://finance.yahoo.com/q/it?s=COP+Insider+Transactions
The good news here, if you are a risk-taker investor, COP's stock price looks cheap now and if you buy it right now, you can gain at least 50% in the next 5-6 years (with assumption COP still not bankrupt).
Maybe rent/buy a new building! Buy buildings for a research center in Colorado! Oh that was already done also. No wonder COP is bleeding money.
Well just look what the leadershit team did with a 80 billion dollar company, they make poor decisions and cut it in half. He will end up blowing it on something stupid, maybe rent out a couple of deepwater rigs and then back out of the contract and pay a huge penalty, ohhh wait that already happened.
What do they do with all that money... Seriously, what do you do with 800K...
Sounds like INSIDER TRADING to me!!
SEC doesn't catch everything...it just takes reading the WSJ on one day to prove that. Yup, one call to the SEC hotline is infinitely more effective than to the COP Ethics-Cover-Up call center.
Anytime a corporate officer is buying or selling his own company's stock it is filed with the SEC. They are well aware and would have been shut down if illegal.
Don't be ignorant.
I hope the pattern of his buying and selling get investigated by the SEC
Jeff got a good pre-read on the financials and was able to ask specific questions that the rest of us did not. I would call that an opportunity! Then act on it as he did! If he was selling those shares today (~$35) he would have netted approximate $551,110 vs the $850284. Yea, guess one could say it was a good move. Only if he would have helped COP make better decisions on behalf of all the stockholders!
Obviously Mr Sheets got an A in Financial Statement Analysis at B-School.
Jeff read the tea leaves.
He may know he will be out of a job shortly.
And today the stock is $20 less per share at $34. What did the CFO know that the public didn't?
That's the way it goes around here. People at the top get all the benefit and people at the bottom get layoff notices and pay cuts!