Director of Empire Petroleum Corp (NYSEAMERICAN:EP), Phil E. Mulacek, has recently increased his stake in the company with purchases of common stock valued in excess of $10,000. The transactions, which occurred on September 25 and September 30, saw Mulacek acquire shares at prices ranging from $4.98 to $5.16.
The first purchase, made on September 25, involved 1,373 shares at an average price of $4.98, while the second transaction on September 30 included 741 shares at an average price of $5.16. These weighted average prices are indicative of multiple purchases made within the given price ranges, as detailed in the footnotes of the filing.
Following these acquisitions, Mulacek's direct ownership in Empire Petroleum Corp has increased to a total of 4,707,234 shares. Additionally, the report disclosed indirect holdings through various entities, including Petroleum Independent & Exploration LLC, Big Red Revocable Trust, Five Sterling LP, and shares owned by the reporting person's spouse.
Investors often monitor insider transactions like these for insights into executive confidence in the company's prospects. The recent purchases by Director Mulacek demonstrate a tangible commitment to the future of Empire Petroleum Corp, a company engaged in the exploration and production of oil and natural gas.
Shareholders and potential investors in Empire Petroleum can request further details on the specific number of shares bought at each price point within the disclosed ranges from the company or the Securities and Exchange Commission if needed.
InvestingPro Insights
Director Phil E. Mulacek's recent purchases of Empire Petroleum Corp (EP) stock align with some interesting financial metrics and insights from InvestingPro. Despite the company's market cap of $160.05 million, EP faces some financial challenges that investors should consider alongside the insider buying activity.
According to InvestingPro Data, Empire Petroleum's revenue for the last twelve months as of Q2 2023 stood at $42.87 million, with a quarterly revenue growth of 29.58% in Q2 2023. This growth is notable, especially considering the company's overall revenue decline of 1.3% over the last twelve months.
However, InvestingPro Tips highlight that EP is "quickly burning through cash" and that "short term obligations exceed liquid assets." These factors may explain why Director Mulacek is increasing his stake, possibly to shore up investor confidence or to capitalize on what he perceives as an undervalued position.
The company's price-to-book ratio of 2.81 suggests that the stock might be trading above its book value, which could be seen as a sign of investor optimism about future growth prospects. This optimism is further reflected in the InvestingPro Tip noting that EP has shown a "strong return over the last five years."
It's worth noting that Empire Petroleum is currently not profitable, with a negative operating income of $12.92 million for the last twelve months. This aligns with another InvestingPro Tip stating that the company is "not profitable over the last twelve months."
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a fuller picture of Empire Petroleum's financial health and prospects. The InvestingPro product includes 8 more tips for EP, which could be valuable for those looking to make informed investment decisions.
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