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Sempra Chief Exec Dumps Almost $1 Million of Stock

Debra Reed, who was named chief executive officer of Sempra Energy on June 27 of last year, on April 24 told the Securities and Exchange Commission that she has sold 15,000 Sempra shares worth $966,000. The sale took place April 20, according to MMD NewsWire.com. Following the sale, she holds 57,053 shares. At the time of sale, she performed several other transactions, probably exercise of options, says MMD. Over the past 12 months, Sempra insiders have jettisoned 323,471 shares of Sempra stock worth $18.2 million. None has bought shares.

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Debra Reed, who was named chief executive officer of Sempra Energy on June 27 of last year, on April 24 told the Securities and Exchange Commission that she has sold 15,000 Sempra shares worth $966,000. The sale took place April 20, according to MMD NewsWire.com. Following the sale, she holds 57,053 shares. At the time of sale, she performed several other transactions, probably exercise of options, says MMD. Over the past 12 months, Sempra insiders have jettisoned 323,471 shares of Sempra stock worth $18.2 million. None has bought shares.

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Comments
9

I hate the idea that our utility company is owned by an opportunistic money grubbing bunch from Wall Street. They get fat on the backs of fixed income "little people" and then pay themselves obscene compensation packages. Deregulation was the worst thing that ever happened to California consumers, Steve Peace should be in jail. I want to buy my gas and electric from anyone other than SDG&E. I would vote for returning all local utilities to be municipal companies, wouldn't you?

April 28, 2012

Municipal utilities can be corrupt, too. But you are right about Sempra. How much can San Diegans stand? SDGE has rates that are among the highest in the nation, but wants ratepayers to pick up the tab for uninsured costs of the 2007 fires, for which SDGE was found negligent. Then SDGE wants customers to indemnify it against future fires. The outrageous charges for people wanting to opt out of the smart meter program is still another abuse. Another is prohibitive costs for those who want to go solar. And the Power Link bullying. This chutzpah exists only because Sempra has the corrupt California Public Utilities Commission wrapped around its finger. Sempra stock vastly outperforms other utilities stocks because the company cares only about its shareholders and treats its customers with contempt. The CPUC permits this behavior. Best, Don Bauder

April 28, 2012

She probably "needed" the money, not being all that well paid. Generally large insider sales of stock are a signal to stockholders that the stock is at an unmaintainable high value and will head down. How this fits into an overall pattern of insider sales and buys at Sempra over a much longer period is not clear, but this doesn't predict well for the stock. What does she know that the rest of us do not know? How does the flack staff at Sempra spin this sale?

April 28, 2012

As the blog item notes, Sempra insiders are selling and not buying their own stock. I would like to think the insiders realize that the company will no longer get away with its chronic fleecing of customers. However, realistically, I can't conclude that. Best, Don Bauder

April 28, 2012

Another reason for the DUMP is that San Onofre is having major safety issues and is prevent from restarting by the NRC...

Their just finished "Over Haul" cost about 3/4 of a Billion Dollars and if they get shut down the shareholders may end up paying for this Nuclear Turkey!

BTW: TEPCO Exec.'s also dumped TEPCO stock after 3/11/11 when Fukushima suffered a triple meltdown which caused their stock to go into the toilet!

What a Nuclear Waste!

April 28, 2012

True, but the far largest share of ownership of San Onofre is that of SCE, and not SDGE. The shutdown has a big impact on the power supply to the SDGE service area, but they can and will find power to sell, and they will get their customary too-generous profit margin.

April 28, 2012

Yes, SCE (Edison International) will take the big hit, but SDGE could feel the pinch, too, from a supply standpoint. Best, Don Bauder

April 28, 2012

San Onofre closing down could negatively affect Sempra's bottom line in some circumstances, although the nuclear plant is mainly Edison International's baby. Best, Don Bauder

April 28, 2012

They Lied... San Onofre: No restart plan submitted – No root cause identified http://wp.me/p21p6a-8yu snip

Edison International announced in an e-mail statement, that it hasn’t filed a request with the U.S. Nuclear Regulatory Commission to restart its San Onofre nuclear plant, adding that any forward-looking statements regarding potential June restart dates in media reports were for “planning purposes only” and “are subject to change”.

Edison expects to submit its restart plan by mid-May to the U.S. Nuclear Regulatory Commission, which must sign off on it, Stephen Pickett, executive vice president at Edison’s Southern California Edison utility, said in a telephone interview.

Regulators may also review the $592 million the utility has spent to install the generators two years ago, Pickett said.

===== As I mentioned in the above comments, I believe that the Sempra Board Members knew they were going to take a hit and dumped stock while their PR folks tried to put a happy face on it...

May 9, 2012

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