One of Talos Energy’s (NYSE:TALO) more-than-10% owners, Control Empresarial de Capitales S.A. de C.V., revealed a significant purchase of the company’s shares, totaling $20.1 million. It’s important to note that Control Empresarial de Capitales S.A. de C.V. is an investment firm. Following this news, TALO stock rose by 2.2% in Friday’s after-hours trading.
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Talos is an independent oil and gas company focusing on offshore exploration and production in the Gulf of Mexico.
Closer Look at the Insider’s Move
As per the SEC filing, the insider bought 1.6 million shares of the company on May 29 and May 30. Also, it purchased 150,000 shares on May 23.
Earlier in March, the insider had purchased 1.11 million shares for a total value of $14.3 million. Further, it acquired 19.66 million shares on January 17 for about $230 million. These moves reflect Control Empresarial de Capitales’ confidence in Talos Energy’s future performance.
Monitoring insider trading activities can offer valuable cues for investors, helping them gauge a company’s health and potential performance. As per the data collected by TipRanks, Control Empresarial de Capitales has witnessed a 57% success rate on its trades in the past three months. Further, the insider has generated an average return of 5.8% per transaction.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Hedge Funds Are Bullish on TALO
Talos Energy’s strategic growth efforts keep the hedge fund managers bullish on the stock. The company is expected to have benefited from high oil prices in the past few months. Furthermore, the QuarterNorth Energy acquisition, completed on March 4, might have strengthened the company’s footprint in the Gulf of Mexico.
The Hedge Fund signal remains Very Positive for Talos Energy stock. TipRanks data shows that hedge funds bought 1.3 million shares of the company last quarter.
Is TALO a Good Stock to Buy?
Overall, TALO has a Strong Buy consensus rating on TipRanks based on six unanimous Buy recommendations. The analysts’ average price target on Talos Energy stock of $20.42 implies a 70.02% upside potential. Shares of the company have declined 9.4% over the past three months.
