Targa Resources increases its quarterly dividend by 50% to $0.75; 2.6% annual yield

Forward Dividend & Yield 3.00 (2.63%)

Ex-Dividend Date Apr 29, 2024

Insider Trading Fri 4/12/24

Notable purchases -- CEO adds to SGH; notable sales -- EVP active in WLY 

Buyers:

• ATOS Director bought 25,000 shares at $1.74 - $1.78 worth ~$44K.
• NEOG Director bought 7,500 shares at $13.0648 worth ~$98K.
• SGH President & CEO bought 10,000 shares at $18.775 - $18.79 worth ~$188K.

Sellers:

• ALTR 10% owner sold 12,783 shares at $85.42 - $86.63 worth nearly $1.1 mln.
• PFSI Chairman & CEO sold 10,000 shares at $89.61 - $91.46 worth ~$907K.
• WLY EVP, Chief People Officer sold 3,459 shares at $38.7125 worth ~$134K.

Neogen seeing some recent insider buys

• Neogen (NEOG) is trading lower today, but we wanted to flag it for investors. We have noticed a good amount of insider buying in NEOG following its slide in recent months, including a post-earnings sell-off on April 9.
• On April 12, a NEOG Director bought 7,500 shares at $13.0648 worth ~$98K. Before that, on April 10, its CFO bought 12500 shares at $12.51 worth ~$156K and its CEO bought 23000 shares at $12.36 worth ~$284K.
• This food and animal safety company reported strong EPS upside on Tuesday, but it also offered some pretty significant revenue downside guidance for FY24 revs. With just one quarter left in the fiscal year, that portends a pretty weak Q4 (May) result.
• A little context would be helpful. 3M recently separated its food safety business which combined with Neogen in a Reverse Morris Trust transaction. This transaction has been completed, however, Neogen is now integrating the former 3M Food Safety business. Neogen says the resulting increase in volumes in its primary distribution facility, has created operational inefficiencies that Neogen continues to manage through.
• The good news is that Neogen believes these inefficiencies are temporary, but they are currently affecting order fulfilment rates and preventing Neogen from meeting end-market demand on a consistent basis.
• NEOG's recent slide pre-dates this earnings report, the stock was trading above $21 as recently as late December and is now around $12.50. These insider buys tell us that management sees value down here and it lends credence to management's view that it sees the 3M integration problems as temporary.

Unusual Options Activity Fri 4/12/24

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• MRSN Aug 5 calls (volume: 3550, open int: 0, implied vol: ~180%, prev day implied vol: 138%). Co is expected to report earnings early May.
• CDE Apr 5.5 calls (volume: 9130, open int: 160, implied vol: ~109%, prev day implied vol: 81%). 7250 contracts traded in a single transaction. Co is confirmed to report earnings May 1 before the open.
• RIG Jun 5 calls (volume: 6020, open int: 10, implied vol: ~71%, prev day implied vol: 64%). 1950 contracts traded in a single transaction. Co is confirmed to report earnings April 29 before the open.

Bearish Put Activity:

• APLD Apr 4 puts are seeing interest with the underlying stock down 7% (volume: 7000, open int: 700, implied vol: ~250%, prev day implied vol: 177%). Co reported earnings last night.
• TEVA Apr 12.5 puts are seeing interest with the underlying stock down 5% (volume: 7020, open int: 0, implied vol: ~44%, prev day implied vol: 34%). 1350 contracts traded in a single transaction. Co is confirmed to report earnings May 8 before the open.

Sentiment: The CBOE Put/Call ratio is currently: 0.98, VIX: (18.62, +3.71, +24.8%).
April 19 is options expiration -- the last day to trade April equity options.

==Opportunity Financial (OPFI) announces $0.12 per share special dividend, $20 million share repurchase program

OppFi Inc. announced that its Board of Directors has declared a $0.12 per share special dividend to be payable on May 1, 2024 to holders of record of the Company's Class A common stock as of the close of business on April 19, 2024. In addition, the Board authorized a new $20 million share repurchase program. The repurchase program will expire in April 2027.