In a series of transactions earlier this week, W. Howard Keenan Jr., a director of Antero Resources Corp (NYSE:AR), sold a substantial number of shares in the company. The sales, which occurred between May 7 and May 9, amounted to over $28 million, with prices per share ranging from $34.23 to $34.53.
On May 7, Keenan sold 100,000 shares at an average price of $34.53. The following day, he sold 437,007 shares at an average price of $34.35. The selling spree concluded on May 9, with 300,000 shares sold at an average price of $34.23. These transactions were part of a planned divestment by Keenan, as disclosed in the footnotes of the filing, which also stated that the prices reported were weighted averages, indicating that the shares were sold in multiple transactions at various prices within the given ranges.
After these sales, Keenan still has a significant interest in Antero Resources, indirectly owning 2,162,993 shares through Yorktown Energy Partners VIII, L.P., where he serves as a member and manager. It should be noted that Keenan disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
The transactions were made public through a Form 4 filing with the Securities and Exchange Commission, which provides transparency into the trading activities of a company's insiders. Investors often monitor such filings for insights into the behavior of company executives and directors with respect to their holdings in the company.
Antero Resources Corp, headquartered in Denver, Colorado, is a company specializing in the exploration and production of natural gas and oil. It operates primarily within the Appalachian Basin.
InvestingPro Insights
As Antero Resources Corp (NYSE:AR) sees significant insider trading activity, with W. Howard Keenan Jr. selling shares worth over $28 million, investors are keenly observing the company's financial health and stock performance. According to InvestingPro, there are several metrics and tips that may be of interest:
InvestingPro Data reveals that Antero Resources has a market capitalization of $10.69 billion and is trading at a high price-to-earnings (P/E) ratio of 157.48. The adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 139.59, yet still indicates a high valuation compared to earnings. The company's revenue for the last twelve months as of Q1 2024 stands at $4.316 billion, though it has experienced a notable decline in revenue growth, down by 47.37%.
One of the InvestingPro Tips suggests that the stock is in overbought territory, as indicated by the Relative Strength Index (RSI), which might be a signal for investors to proceed with caution. Another tip worth noting is that Antero Resources has been trading near its 52-week high, with the price at 98.29% of its peak, reflecting a strong performance in the stock market.
These insights, especially the high earnings multiple and the proximity to the 52-week high, could provide context to Keenan's decision to sell shares. Investors looking for a deeper analysis can find additional InvestingPro Tips on the company's performance and future outlook. For those interested in accessing these valuable insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 15 additional InvestingPro Tips available that could further guide investment decisions.
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