Features, Oil & Gas Leaks

Santos boss sells off $2.2m in shares

Santos Limited MD, CEO & Director, Kevin Gallagher, recently sold a whopping AU$2.2m worth of stock at a price of $4.29 per share. That sale reduced his total holding by 26% which is hardly insignificant, says Simply Wall Street.

“In fact, the recent sale by Kevin Gallagher was the biggest sale of Santos shares made by an insider individual in the last twelve months, according to our records. So, it’s clear an insider wanted to take some cash off the table, even below the current price of AU$4.61,” the publication said.

“The stark truth for Santos is that there has been more insider selling than insider buying in the last three months. Zooming out, the longer term picture doesn’t give us much comfort. On the plus side, Santos makes money, and is growing profits. Insiders own shares, but we’re still pretty cautious, given the history of sales.”

Simply Wall Street said there were four warning signs for Santos that people should check out before buying stock.

They are:

• High level of debt;

• Unstable dividend track record

• Highly volatile share price over last three months;

• Significant insider selling over the past three months.

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