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Stephens Chad L: insider trades

Officer at Range Resources Corp. No open-market purchases and 20 sales not made under a pre-set plan, reported from January 15, 2010 to May 31, 2017.

What happened after Stephens Chad L’s sales?

After their sales, the shares moved −20.4% against the index over 12 months on average (a negative figure means selling was the right call); 80% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 20 −4.3% −3.7% 70% 8 −1.39 0.21 No reliable evidence
Sales, 12 months after the report 20 −20.4% −13.6% 80% 8 −3.28 0.013 Some evidence: seller right
Sales, 12 months after the trade 20 −21.1% −13.1% 80% 8 −3.38 0.012 Some evidence: seller right

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
Range Resources Corp RRC Sr. Vice President020January 15, 2010May 31, 2017

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
May 31, 2017May 31, 2017 RRC Sale $662,486 −26.5%−43.5%−45.4%
May 27, 2016May 25, 2016 RRC Sale $1,314,166 −11.2%−63.2%−62.5%
February 3, 2016February 2, 2016 RRC Sale $684,909 +34.8%−9.8%−4.2%
April 17, 2015April 16, 2015 RRC Sale $335,662 −34.3%−38.5%−39.6%
April 9, 2015April 8, 2015 RRC Sale $258,455 −17.3%−36.0%−40.5%
January 22, 2015January 20, 2015 RRC Sale $172,780 +22.5%−42.0%−48.1%
May 8, 2014May 6, 2014 RRC Sale $1,157,534 −17.5%−42.9%−44.7%
February 3, 2014January 30, 2014 RRC Sale $1,159,919 −3.9%−61.5%−59.2%
September 12, 2013September 11, 2013 RRC Sale $785,700 −3.6%−27.1%−27.9%
March 19, 2013March 15, 2013 RRC Sale $121,770 −6.9%−14.0%−13.6%
March 13, 2013March 11, 2013 RRC Sale $792,800 −14.1%−13.1%−12.6%
January 29, 2013January 25, 2013 RRC Sale $782,540 −1.0%+3.2%+2.0%
August 15, 2012August 13, 2012 RRC Sale $1,344,800 +0.9%−7.8%−3.3%
May 1, 2012April 30, 2012 RRC Sale $722,315 −0.9%−3.7%−7.7%
April 17, 2012April 13, 2012 RRC Sale $158,790 +11.2%+18.0%+13.2%
July 28, 2011July 27, 2011 RRC Sale $1,287,800 +9.3%−10.6%−11.1%
March 17, 2011March 16, 2011 RRC Sale $739,790 −0.5%+9.0%+2.9%
January 12, 2011January 11, 2011 RRC Sale $142,597 +6.8%+10.3%+10.8%
May 13, 2010May 12, 2010 RRC Sale $745,486 −21.2%−11.1%−8.5%
January 15, 2010January 14, 2010 RRC Sale $244,530 −13.2%−24.0%−23.2%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Stephens Chad L traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.