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April 29, 2015Baker Hughes Execs Sell $8.4M in Stock
By Grace L. Williams
In the face of tanking energy prices, three Baker Hughes insiders sold 124,131 shares for $8,431,309, an average of $67.92 each, from April 6 through 28.
Derek Mathieson, a vice president and chief strategy officer, exercised options and sold 100,488 Baker Hughes (ticker: BHI) shares for $6,844,690, an average of $68.11 each. Regulatory filings show that the options were exercised at prices ranging from $39.30 to $56.73 and were set to expire Jan. 19, 2020, at the earliest. Mathieson now directly holds 12,991 shares in the oilfield-services company. His most recent previous transaction was on June 3, 2014, when he exercised options and sold 52,100 shares for $3.6 million, an average of $70.11 each.
Chairman and Chief Executive Martin Craighead sold 8,000 shares for $520,015, an average of $65 each, through a Rule 10b5-1 planned sale. Craighead now directly holds 120,888 shares. His most recent previous transaction was on Nov. 17, 2014, when he sold 8,000 shares for $528,100, an average of $66.01 each, also through a 10b5-1 planned sale.
Alan Crain, senior vice president, chief legal and governance officer, sold 15,643 shares for $1,066,603, an average of $68.18 each. Crain now directly holds 63,406 shares.
All of the executives hold stakes of less than 1% in Baker Hughes.
Craighead joined Baker Hughes in 1986 and has previously served as chief operating officer and president. Mathieson has been with Baker Hughes since 2008. Crain has been with the company since 2000.
A spokeswoman for Baker Hughes wasn’t immediately available to respond to a request for comment on the sales.
Dominick Manaro, president of Executive Buying, writes in an e-mail, “I don’t see these recent insider transactions as unusual. In my opinion these insider sales should not be a reason to change an investor’s current opinion of Baker Hughes.”
Jonathan Moreland, director of research for InsiderInsights.com, writes that Baker Hughes “is one of the minority of energy stocks that actually has a bearish-leaning insider profile.”
Moreland adds, “Given the numerous energy stocks that have bullish insider profiles, I think there are better ways to play the longer-term rebound we expect in this sector.”
Shares closed at $68.75 on Wednesday, nearly flat (down 0.10%) from April 29, 2014, adjusted for dividends. By comparison, the Standard & Poor’s 500 rose 12.2% over the same time period.
Here’s a rundown of insider trading activity reported on April 29, 2015. An insider is any officer, director or owner of 10% or more of a class of the company’s securities. The table shows purchases and sales which must be reported to the SEC and other regulators by the 10th of the month following the month of the trade, includes both open-market and private transactions involving direct and indirect holdings. Excludes stock valued at less that $2 per share, acquisitions through options and companies being acquired. Included are purchases, sales and stock registered for sale for individual officers, companies, and sectors.
AC-member of the advisory committee. AF-affiliated person. AI-affiliate of investment advisor. AV-assistant vice president. B-beneficial owner of more than 10% of a security class. BC-beneficial owner as custodian. BT-beneficial owner as trustee. C-controller. CB-chairman. CC-member of the compensation committee. CEO-chief executive officer. CFO-chief financial officer. CI-chief investment officer. CO-chief operating officer. CP-controlling person. CT-chief technology officer. D-director. DO-director and beneficial owner. DS-indirect shareholder. EC-member of the executive committee. EVP-executive vice president. F-founder. FC-member of the finance committee. FO-former. GC-general counsel. GM-general manager. GP-general partner. H-officer, director and beneficial owner. I-indirect transaction filed through a trust, insider spouse, minor child or other. IA-investment advisor. LP-limited partner. M-managing partner. MC-member of committee or advisory board. MD-managing director. O-officer. OB-officer and beneficial owner. OD-officer and director. OE-other executive. OP-officer of parent company. OS-officer of subsidiary company. OT-officer and treasurer. OX-divisional officer. P-president. R-retired. S-secretary. SC-member of the science/technology committee. SH-shareholder. SVP-senior vice president. T-trustee. TR-treasurer. UT-unknown. VC-vice chairman. VP-vice president. VT-voting trustee. X-deceased.
*-Half of the transactions were indirect.
Comments? E-mail us at editors@barrons.com
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