Gregory Ebel (Insider Trades), CEO and president of Spectra Energy Partners (SEP, Financial), purchased 8,529 shares of the company on Nov. 7. The average price per share was $41.67 for a total transaction of $355,403. Spectra Energy Partners, a master limited partnership in the United States, connects natural gas and crude oil supply to the market. The company has a market cap of $12.73 billion.
Ebel’s aforementioned transaction is the only insider trade with Spectra in 2016 to date. Director J.D. Woodward (Insider Trades) purchased 3,000 shares in two transactions in December 2015, which have both increased less than 5% in value since then. Directors Theopolis Holeman (Insider Trades) and William Yardley (Insider Trades) acquired 1,000 and 500 shares of the company in 2013. The most recent insider sell of Spectra to date was in March 2010. Director Robert Fiedorek (Insider Trades) sold 5,000 shares of the company for an average per share price of $31. The value has increased by nearly a third since then. For more information about insider trades with Spectra, click here.
The company reported a decrease in net income from $331 million in the third quarter of 2015 to $296 million in the third quarter of 2016. Operating revenues increased from $612 million to $628 million when comparing the same periods of time. Ebel commented that the company’s “base business continues to perform well,” boasting a ”renewal rate of more than 98 percent of contracted revenues” for the company’s U.S. natural gas pipelines. Annual revenue follows an increasing trend line and has increased 34.14% since 2011. Annual net income also follows an increasing trend line, increasing by 37.38% since 2011. For more financial information on Spectra, click here.
On Nov. 2, the company announced their 36th consecutive quarterly cash distribution increase. The increase of 1.25 cents from the previous quarter’s 66.27 cents to 67.63 cents is equal to $2.71 per unit on an annual basis.
During the second quarter of 2016, Jim Simons (Trades, Portfolio) and David Dreman (Trades, Portfolio) increased their positions in Spectra. Simons purchased 321,300 shares for an average per share price of $46.92, increasing his stake in the company by 103.58%. The holding, acquired in the previous quarter for an average per share price of $45.43, decreased in value by about 11% since then. Dreman increased his stake by 357.27%, purchasing 786 shares of the company after newly acquiring 220 shares in the first quarter of 2011. For more information about guru trades with Spectra, click here.
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