Guess how much directors have been spending on AGL shares so far this week

There's been plenty of insider buying at AGL this week.

| More on:
A young woman sits on her lounge looking pleasantly surprised at what she's seeing on her laptop screen as she reads about the South32 share price

Image source Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The AGL share price has outperformed over the last seven days, gaining 12% to reach $7.18 
  • Meanwhile, four of the company's directors have upped their stake in the company 
  • The insiders bought a combined total of 71,500 AGL shares on market on Friday, paying between $6.60 and $6.89 apiece to do so 

The AGL Energy Limited (ASX: AGL) share price has been on a roll this week, and four of the company's directors will be benefiting more than they previously would have.

The insiders snapped up a combined total of 71,500 shares in the S&P/ASX 200 Index (ASX: XJO) energy producer and retailer on Friday.

The AGL share price last closed at $7.18. That's 12% higher than it was this time last week.

The stock appears to have been driven higher as the market digests its $20 billion plan to ditch coal in favour of renewables.

For context, the ASX 200 has also lifted 3% over the last seven days.

So, how much have AGL directors poured into the company's shares this week? Let's take a look.

AGL insiders snapped up 70,000 shares on Friday

AGL directors have been on a buying spree, each directly or indirectly purchasing up to 30,000 shares in the company.

Here's a breakdown of all the insider buying that went on at the energy giant on Friday:

  • Newly instated chair Patricia McKenzie indirectly purchased 14,500 AGL shares for an average price of $6.797 a piece
  • New director Miles George led the buying, purchasing 30,000 shares for $6.68 apiece
  • Director Vanessa Sullivan indirectly bought 12,000 AGL shares, securing the best price at $6.60 per stock
  • Finally, Graham Cockroft purchased 15,000 shares for $6.89 apiece

For those playing along, that means the four forked out a combined total of $481,506.50 for their additional holdings.

Interestingly, the buying activity came just one day after the company revealed its new path forward.

Its latest strategy will see it ditching coal by 2036. That's up to 10 years earlier than was previously planned.  

To flick the switch on coal, AGL plans to spend $20 billion to increase its renewable and firming capacity – a move that could see Australia's largest emitter reach net zero.

The newly revealed strategy follows the company's failed plan to separate its coal assets from its energy retail arm.

Based on the recent insider buying, the company's directors appear hopeful the new plan could help bolster the embattled stock's future value.

The AGL share price has dumped 68% over the last five years. Though, it's currently 14% higher than it was at the start of 2022.

Comparatively, the ASX 200 has lifted 17% since this point in 2018. Though, the index has fallen 12% year to date.  

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Energy Shares

Miner and company person analysing results of a mining company.
Energy Shares

Should you buy Boss Energy shares now after Monday's huge sell-off?

Macquarie gives its verdict on Boss Energy shares following Monday’s crash.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Energy Shares

Guess which ASX 200 stock is crashing 11% today

Let's see why investors are hitting the sell button on Tuesday.

Read more »

Worker on a laptop at an oil and gas pipeline.
Energy Shares

Buying Woodside shares? Here's the latest move to achieve US$60 million in synergies

Woodside expects its new agreement with ExxonMobil will unlock value for shareholders.

Read more »

oil rig worker smiling with laptop
Energy Shares

Is the Woodside share price a buy? Here's my view

Is this the right time to invest in the energy giant?

Read more »

Hand holding out coal in front of a coal mine.
Broker Notes

Up 379% in 5 years, are Whitehaven Coal shares now a buy, hold or sell?

Here’s what Macquarie is forecasting for Whitehaven Coal shares into 2026.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Energy Shares

Why are Boss Energy shares crashing 40% today?

This uranium stock is having a tough start to the week.

Read more »

Happy man standing in front of an oil rig.
Energy Shares

What does Macquarie think Karoon Energy shares are worth?

This broker has updated its guidance on this energy company

Read more »

Oil industry worker climbing up metal construction and smiling.
Energy Shares

ASX 200 energy shares lead the market as US trade deals fuel optimism

ASX energy shares lifted 3.94% as more US trade deals led to improved market sentiment.

Read more »