Insider Trading Thur 12/14/23

Notable purchases -- Buffett adds to OXY; notable sales -- President/CEO active in WM

Buyers:

• BANC Director bought 10,000 shares at $12.305 - $12.34 worth ~$123K.
• DEA Chairman bought 8,000 shares at $13.14 - $13.15 worth ~$105K.
• ET Co-CEO bought 50,000 shares at $13.185 - $13.20 worth ~$660K.
• FTK Director bought 54,859 shares at $3.19 - $3.53 worth ~$189K.
• GTLS Director bought 500 shares at $134.445 worth ~$67K.
• LOVE 10% owner Satori Capital bought 151,784 shares at $24.91 - $25.80 worth ~$3.9 mln.
• OXY 10% owner Warren Buffett's Berkshire Hathaway (BRK.A / BRK.B) bought another 10,482,162 shares worth approx. $589 mln.
• SJM Director bought 1,000 shares at $125.05 worth ~$125K.
• TEX Director bought 50,000 shares at $50.69 - $51.20 worth ~$2.6 mln.

Sellers:

• CCOI President / CEO sold 20,000 shares at $69.99 worth ~$1.4 mln.
• SF Senior Vice President & General Counsel sold 8,100 shares at $ 64.745 worth ~$524K.
• WM President / CEO sold 9,550 shares at $177.00 worth ~$1.7 mln.

=Energy Transfer LP (ET) reported earnings on Wed 19 Feb 20 (a/h)

Energy Transfer beats by $0.03, beats on revs 

• Reports Q4 (Dec) earnings of $0.38 per share, $0.03 better than the S&P Capital IQ Consensus of $0.35; revenues rose 1.1% year/year to $13.72 bln vs the $13.47 bln S&P Capital IQ Consensus.
• Adjusted EBITDA of $2.81 billion, up 5 percent from the fourth quarter of 2018.

Energy Transfer announces multi-basin strategic alignment
Co announces the execution of a suite of gathering, processing, transportation and fractionation agreements with a large, investment- grade integrated energy company. These agreements increase and extend long-term commitments between the company and Energy Transfer in the Eagle Ford and Delaware Basins through 2034 and 2040, respectively.

Leon Cooperman: top 6 buys in the 4th quarter

Leon Cooperman, founder and chairman of the Omega Advisors family office, disclosed this week that his firm's top six buys for the fourth quarter of 2019 included new holdings in Ferro Corp. (NYSE:FOE) and Workday Inc. (NASDAQ:WDAY) as well as position boosts in four existing holdings: DuPont de Nemours Inc. (NYSE:DD), Energy Transfer LP (NYSE:ET), Diamondback Energy Inc. (NASDAQ:FANG) and Mr. Cooper Group Inc. (NASDAQ:COOP).

Cooperman, who previously worked at Goldman Sachs Group Inc. (NYSE:GS), converted his Omega hedge fund into a family office in 2018, citing in a letter that he did not wish to spend the rest of his life chasing the Standard & Poor's 500 Index benchmark. The fund chairman combines his macroeconomic views and fundamental valuation in his investing strategy, paying close attention to valuations.

As of quarter-end, Omega's $1.88 billion equity portfolio contains 60 stocks, with turnover of 9%. The top three sectors in terms of weight are financial services, energy and communication services, with weights of 24.07%, 17.85% and 11.73%.

Charts 6 months later: 

https://finviz.com/screener.ashx?v=211&ta=0&p=w&o=-change&t=ET,DD,FANG,WDAY,FOE,COOP

Appaloosa Management : top 5 buys in the 4th quarter

David Tepper, founder of Appaloosa Management, disclosed last week that his fund's top five buys during the fourth quarter of 2019 included a new holding in Intelsat SA (NYSE:I) and position boosts in four companies: Alibaba Group Holding Ltd. (NYSE:BABA), Micron Technology (NASDAQ:MU), Energy Transfer LP (NYSE:ET) and Amazon.com Inc. (NASDAQ:AMZN).

A distressed debt specialist, Tepper became interested in the stock market as a young boy watching his father trade stocks in his hometown of Pittsburgh. The Appaloosa fund manger has since earned international reputation for producing some of the highest returns among fund managers on Wall Street.

According to CNBC sources, Tepper announced in May 2019 that he plans to convert Appaloosa into a family office so that he can concentrate on managing the Carolina Panthers NFL football franchise, which he purchased for over $2.27 billion in 2018. As of December 2019, the $3.94 billion equity portfolio contains 22 stocks, with turnover of 13%. The top three sectors in terms of portfolio weight are communication services, consumer cyclical and technology, with weights of 31.53%, 30.05% and 17.39%.

New buy: Intelsat

Appaloosa purchased 2,885,019 shares of Intelsat, giving the stake 0.51% weight in the equity portfolio. Shares averaged $15.33 during the quarter.

The Luxembourg-based telecom company provides diversified communication services to media companies, fixed and wireless telecom operators and data networking service providers. According to GuruFocus, Intelsat's interest coverage and debt ratios underperform over 90% of global competitors, suggesting low financial strength.

Charts 6 months later: 

• Intelsat SA (NYSE:I) is trading over the counter

https://finviz.com/screener.ashx?v=211&t=I,BABA,MU,ET,AMZN&ta=0&p=w&o=-change

Earnings this week : Feb 17 - 21, 20 (wk 8)

Monday (Feb 17)

• Holiday: Presidents' Day (US stock, bond, and options markets and the Federal Reserve Bank will be closed on Monday, February 17, 2020. Futures markets will close at 1pm ET.

Tuesday (Feb 18)

• Morning: AAP AEIS ALLE ATH BLMN CEVA CHH CEQP ECL EXPD FLR FELE GSX INMD JELD LDOS MDT SFL SITE TSEM TRU USAC VG VMC WAB WMT WLK
• Afternoon: A AMED ACC TXG ACC AWK ATRC BKD CHE CXO DVN FANG WIRE ENPH EVBG EXR GRPN HCKT HVT HQY HSTM HLF IOSP INVH KAR KRG KNL LZB LC DOOR NP NTR PLMR QTS ROIC RPAI SGMS SCPL SSTI SOI SHO TX TIVO TRTX TPH WRSK WNO

Wednesday (Feb 19)

• Morning: ADI ATHM BHC BCOR APRN FUN DISH ELAN ENBL ETR FVRR FDP GRMN GEL THRM GPC GLDD HEP IART NHI DNOW OC STNG SSW SAH SMP VPG WING
• Afternoon: AGI ALB Y ALSN CRMT AROC CAR AXTI SAM BCOV CAKE XEC CDE CYH CONE ESRT EIG ET FARO FIVN LOPE GDOT HCR HNI HST H IAG ICLR IMAX INOV IVR NVTA JACK JBT KALU KBR KL LSI MX MANT MASI MOS MSA LASR NE NDSN OIS OGS OSUR OR OVV PAAS PE PRDO PXD QTWO O RETA RBBN RPT SNBR SM SED SPTN STMP SUI SUN SNPS TVTY TSLX TRN UCTT UFPI VMI HCC WMB ZG

Thursday (Feb 20)

• Morning: AAN AKS AEP ARD AAWW BRC CAMT CBZ CLF COMM CSTM COT DNR DPZ EPAM FOCS GIL HEES HSIC HFC HRL HPP IDA ITGR I IDCC LAMR LXP LKQ MD MFA NEM NCLH OPI PCRX PQG RCM RS RGEN SHLX SIX SO STFC SCL STOR SYNH TFX TNC TEN TXMD VTR VIAC VC WIX
• Afternoon: ADSW LNT COLD APPN ATR BAND BJRI BYD BVN BLDR COG CAI CATM CASA CWST CENX ED CNDT CORT CVA CUBE DRH BOOM DBX DCO EHTH EBS ENV EVRG FSLY FSLR FND GLPI GMED HTGC HBM LTHM MMI NBR NCMI NGHC NUVA OEC PEB PPC PRAH PRA PBYI RMAX RWT ROG SBAC SWM SEM SFM SSRM TXRH TMST TRUE OLED VAL VICI WK ZIXI ZS

Friday (Feb 21) 

• Morning: BCPC B CNK CFX DE ERF HSC HMSY ITT MGA PNW RY TECK WPC

Notable earnings reports:
Walmart (WMT), Agilent (NYSE:A), Herbalife (NYSE:HLF), Groupon (NASDAQ:GRPN) and Scientific Games (NASDAQ:SGMS) on February 18; IMAX (NYSE:IMAX), Blue Apron (NYSE:APRN), Wingstop (NASDAQ:WING), Albermarle (NYSE:ALB), Hyatt Hotels (NYSE:H), Sunoco (NYSE:SUN), Dish Network (NASDAQ:DISH) and Zillow (NASDAQ:ZG) on February 19; Norwegian Cruise Line Holdings (NYSE:NCLH), (NASDAQ:VIAC), Domino's Pizza (NYSE:DPZ), Universal Display (NASDAQ:OLED) and Dropbox (NASDAQ:DBX) on February 20; Diana Shipping (NYSE:DSX), Royal Bank of Canada (NYSE:RY) and Deere (NYSE:DE) on February 21.

-=Energy Transfer LP (ET) reported earnings on Wed 6 Nov 19 (a/h)

Energy Transfer misses by $0.04, misses on revs
Reports Q3 (Sep) earnings of $0.32 per share, excluding non-recurring items, $0.04 worse than the S&P Capital IQ Consensus of $0.36; revenues fell 7.0% year/year to $13.49 bln vs the $14.54 bln S&P Capital IQ Consensus.

Energy Transfer LP (ET)

In October 2018, Energy Transfer Partners, L.P. (NYSE: ETP) was renamed as Energy Transfer LP (ET) after it merged with Energy Transfer Equity (ETE).

• Sector: Energy
• Industry: Oil & Gas Midstream
• Full Time Employees: 29,486
• HQ:  Dallas, Texas
• http://www.energytransfer.com
• Master limited partnership; Forward Dividend & Yield 1.22 (8.29%)

Energy Transfer LP is a U.S. Fortune 500 natural gas and propane pipeline transport company
Energy Transfer LP provides diversified energy-related services in the United States. It owns and operates approximately 7,900 miles of natural gas transportation pipelines and three natural gas storage facilities in Texas; and approximately 11,800 miles of interstate natural gas pipelines. The company sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies. It owns and operates natural gas and natural gas liquid (NGL) gathering pipelines, as well as natural gas processing plants, treating facilities, and conditioning facilities in Texas, New Mexico, West Virginia, Pennsylvania, and Louisiana; natural gas gathering, oil pipeline, and oil stabilization facilities in South Texas; a natural gas gathering system in Ohio; and transportation and supply of water to natural gas producers in Pennsylvania. The company also owns approximately 4,300 miles of NGL pipelines, 5 NGL and propane fractionation facilities, and NGL storage facilities with aggregate working storage capacity of approximately 53 million barrels.