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.
The post Guess how much directors have been spending on AGL shares so far this week appeared first on The Motley Fool Australia.
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More reading
- Following a tumultuous month, what’s next for AGL shares in October?
- Top brokers name 3 ASX shares to buy next week
- Why did the AGL share price trail the ASX 200 in September?
- Here are the top 10 ASX 200 shares today
- Broker gives its verdict on the AGL share price post-coal exit plans
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.
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