Form 4: Halliburton CEO Jeffrey Allen Miller Reports Stock Transactions
SEC Form 4 Filing
Halliburton's CEO, Jeffrey Allen Miller, reported the disposition of shares to cover tax obligations and a sale of shares under a pre-arranged trading plan.
Summary
- On March 1, 2024, Jeffrey Allen Miller, the Director, President, and CEO of Halliburton, transferred 244,600 shares of common stock back to the company at a price of $34.96 per share to cover federal tax withholding obligations.
- These shares were related to the lapse of restrictions on shares issued under the company's Stock and Incentive Plan.
- On March 4, 2024, Miller sold 377,000 shares of Halliburton common stock at a weighted average price of $35.3 per share.
- The sales were executed under a Rule 10b5-1 trading plan adopted on February 7, 2023.
- Following these transactions, Miller directly owns 759,015.332 shares of Halliburton common stock.
- Miller also holds options to buy 583,500 shares of common stock at prices ranging from $31.44 to $53.54, with expiration dates between 2024 and 2028.
Sentiment
Score: 5
Explanation: The document simply reports stock transactions by an executive, which is a neutral event. The use of a pre-arranged trading plan suggests no immediate concern.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies, and are often scrutinized by investors for insights into management's perspective on the company's future prospects.
Comparison to Industry Standards
- It is common for executives at Halliburton's peers, such as Schlumberger (SLB) and Baker Hughes (BKR), to utilize 10b5-1 trading plans for managing their stock sales.
- The volume of shares sold by Mr. Miller is within the typical range observed for executive stock transactions at companies of Halliburton's size and market capitalization.
- The use of stock to cover tax obligations is a standard practice across the industry.
Stakeholder Impact
- The stock sale could have a minor impact on shareholders if it creates downward pressure on the stock price, although the existence of a pre-arranged trading plan mitigates this concern.
- The transfer of shares for tax obligations has no direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 12/03/2014 | Option to Buy Common Stock $ 40.75 expires 12/03/2024 |
| 12/02/2015 | Option to Buy Common Stock $ 38.95 expires 12/02/2025 |
| 12/07/2016 | Option to Buy Common Stock $ 53.54 expires 12/07/2026 |
| 12/06/2017 | Option to Buy Common Stock $ 43.38 expires 12/06/2027 |
| 02/07/2023 | Reporting Person adopted a Rule 10b5-1 trading plan |
| 02/27/2024 | The Performance Unit shares were issued |
| 03/01/2024 | Shares transferred to Halliburton Company for payment for Federal tax withholding obligations |
| 03/04/2024 | Reporting Person sold shares of common stock |
| 03/05/2024 | Date of Form 4 filing |
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