UGP CEO Got 140K Grant Days After Open-Market Sale
Amaral Decio De Sampaio, CEO of Ultrapar's Hidrovias subsidiary, sold 8,000 shares on September 1 then received a grant of 140,000 shares fifteen days later—while three other executives were simultane
UGP CEO Got 140K Grant Days After Open-Market Sale
NEW YORK, September 28 —
Four Ultrapar Participações S.A. (UGP) executives sold $1.04 million in open-market shares between August and September, three of those sales priced at or above the analyst consensus target of $7.57, a level the stock has since fallen below. Fifteen days after one of those sellers unloaded shares, the company handed him 140,000 more.
- Four executives sold $1.04M in shares Aug 18, Sept 22, 2026; zero insider purchases recorded in the period.
- Ipiranga CEO and CFO sold at $7.57, $7.58, exactly at analyst consensus.
- Hidrovias CEO De Sampaio received 140,000 shares Sept 16, 17.5 times his Sept 1 open-market sale of 8,000.
Sold at the Ceiling
Three of September's four transactions clustered within ten cents of the analyst consensus. Leonardo Remiao Linden, CEO of Ipiranga, sold 60,000 shares at $7.57 on September 10; Pedro Guedes Rabelo, Ipiranga's financial officer, sold 30,000 shares at $7.58 the same day. Ipiranga is Ultrapar's fuel distribution and service station arm under the Ipiranga brand, with AmPm convenience stores and ICONIC lubricants. Andre Saleme Hachem, CFO of Hidrovias, closed the cluster on September 22, selling 39,200 shares at $7.67, a dime above consensus. Three sellers, two subsidiaries, three weeks, each exit at or above the analyst target.
The Grant That Complicates a Clean Read
De Sampaio's sequence prevents a clean read. The Hidrovias CEO, whose subsidiary handles waterway and multimodal logistics for grains, ores, and fertilizers, sold 8,000 shares at $6.93 on September 1, the lowest price in the cluster. Fifteen days later, Ultrapar granted him 140,000 shares, 17.5 times what he had just sold. A purely bearish read on the $1.04 million cluster requires explaining why the company would simultaneously build executive equity in Hidrovias at that scale. If the open-market sales were routine compensation liquidity, the insider signal fades; if they reflected a genuine valuation call, the concurrent grant is a strange corporate follow-through.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| UGP | $7.6B | 11.2x | +74.0% |
| SBS | $18.1B | 11.9x | +5.8% |
| VIV | $18.0B | 10.9x | -7.6% |
| BAK | $594M | n/a | -37.7% |
| CIG | $5.8B | n/a | -2.4% |
| AXIAY | $23.4B | 11.9x | +1.6% |
What the Next EPS Print Decides
The fundamentals have not confirmed the bearish case. Ultrapar beat EPS consensus in each of the last four quarters, with the most recent surprise reaching 25.3%, the widest in the streak. Free cash flow was $5.83 billion over the trailing twelve months, and forward earnings trade at 11.2x. Use the DCF calculator to test whether that multiple prices the streak adequately. The next EPS print settles the insider argument: if the beat streak breaks, September's sales look prescient; if the 25.3% margin holds or widens, routine liquidity was always the better explanation. Run the free Ultrapar Participações S.A. deep-dive →
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Amaral Decio De Sampaio, CEO of Ultrapar's Hidrovias subsidiary, sold 8,000 shares on September 1 then received a grant of 140,000 shares fifteen days later—while three other executives were simultaneously selling a combined $982,264 at or above the analyst consensus price target of $7.57, a level the stock has since fallen below.