David Hugo Anderson’s Form 4 filings reveal a consistent, one-directional pattern: he is a seller, not a buyer. Across 38 reported transactions spanning two companies, Anderson has executed zero open-market purchases, while his open-market sales total roughly $2.71 million. The bulk of that selling activity is concentrated in Northwest Natural Holding Company (NWN), where he has made nine open-market sales since September 2025. Those sales range from a modest $14,760 on October 1, 2025, to a $472,912 disposal on October 15, 2025, with additional six-figure transactions in November 2025 and June and July 2026. The most recent NWN sale, valued at $76,775, occurred on July 20, 2026, indicating the selling bias remains active.
Anderson’s activity in National Fuel Gas Company (NFG) tells a different story, but not one of conviction buying. His NFG filings are dominated by code “A” grants—quarterly compensation awards of roughly $43,700 to $43,800 each—and code “J” transactions, which are small, likely dividend-equivalent adjustments. These are mechanical or compensatory in nature, not discretionary purchases. The only other notable NWN transactions are code “F” withholdings to cover taxes, including a combined $503,815 on March 5, 2026, and a $25,651 withholding in January 2026. These are automatic deductions tied to equity vesting, not directional bets.
The aggregate picture is unambiguous: Anderson has acquired $364,308 in shares, almost entirely through grants and awards, while selling $2.71 million into the market. His recent activity—nine sales and zero purchases in the trailing period—shows no reversal of that trend. The pattern is consistent with an executive monetizing equity compensation rather than accumulating additional exposure, with NWN serving as the primary source of cash sales and NFG functioning mainly as a recurring grant vehicle.
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