CEO of High-End Restaurant Chain Buys Shares, Oil and Gas Company’s Execs Sell Shares After OPEC Deal, Plus Other Insider Trading

Executives at Crude Oil and Natural Gas Company Sell Shares After OPEC’s Production Cut

Two of the most well-informed executives at EOG Resources Inc. (NYSE:EOG) discarded shares earlier this week. To begin with, Chief Operating Office and President Gary L. Thomas offloaded 60,000 shares on Wednesday at prices ranging from $101.51 to $102.13 per share. After the recent sale, Mr. Thomas currently owns a total of 1.00 million shares. Timothy K. Driggers, Chief Financial Officer and Executive Vice President, sold 10,000 shares on the same day at a weighted average price of $102.08 per share, cutting his ownership stake to 148,477 shares.

The shares of the large U.S. independent non-integrated crude oil and natural gas company, which has proved reserves in the United States, Trinidad, the United Kingdom, and China are trading slightly below their 52-week high of $107.47. The shares of EOG Resources Inc. (NYSE:EOG) received an additional boost after OPEC agreed to a supply cut earlier this week. Following OPEC’s first stated production cut in eight years, analysts at Stifel raised their rating to ‘Buy’ from ‘Hold’ on four exploration and production companies, including EOG Resources. Prior to OPEC’s announcement, Stifel analysts had been concerned about downside oil price risk for EOG Resources due to the company’s lack of hedges. The crude oil and natural gas company has seen the value of its shares rise by 47% since the start of the year. Daniel S. Och’s OZ Management had around 1.54 million shares of EOG Resources Inc. (NYSE:EOG) in its portfolio at the end of September.

Executive Chairman of Leading Vehicle Rental Operator Unloads Shares

One of the most well-informed executives at Avis Budget Group Inc. (NASDAQ:CAR) offloaded a great deal of shares this week. Ronald L. Nelson, Executive Chairman of the Board of Avis Budget Group, liquidated 6,600 shares on Tuesday and 143,400 shares on Thursday at prices that fell in the range of $39.00 and $39.20 per share. Mr. Nelson currently holds an ownership stake of 594,574 shares after the latest sales.

The leading vehicle rental operator in North America, Europe, Australia, New Zealand and other regions has seen the value of its shares gain 7% this year. Avis Budget Group Inc. (NASDAQ:CAR) is the operator of three of the most recognized brands in the global vehicle rental and car sharing industry: Avis, Budget, and Zipcar, but investors have been worried about the possible impact of the phenomenon of “ride sharing” on the company’s business. According to fresh surveys, 82% of app-based car service journeys are under 30 miles and 93% are less than 60 miles, whereas Avis Budget’s average car rental transaction is four rental days and is more than 100 miles per day. Hence, while ride-hailing will represent a key part of the broader car mobility landscape in the foreseeable future, the car rental and ride-hailing industries could be complementary to each other going forward. Larry Robbins’ Glenview Capital added an 8.30 million-share stake in Avis Budget Group Inc. (NASDAQ:CAR) to its pool of holdings during the three-month period ended September 30.

Disclosure: None