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No insider purchase over the last 90 days. The latest, by HOWARD RICHARD PAGE, was filed 16 Jan 2025.
North European OIL Royalty Trust: what insiders have been doing
North European OIL Royalty Trust belongs to the Energy sector. Filings by its managers are published through SEC (Form 4). Over the twelve months to 22 October 2026, 2 filings were filed, from 1 insider.
The flow runs one way only: 2 sales worth €187k, from 1 insider, and no purchase. Biggest ticket of the year: €112k, sold by Howard Richard Page and made public on 19 March 2026.
Sales are harder to read than purchases, since they often meet personal needs such as tax or diversification.
For context, the typical company on the same exchange (median of 2,023 companies) published 41 filings over the same period, against 2 filings here. Our records for North European OIL Royalty Trust go back to 2017, with 30 purchases and 3 sales on the open market in total.
For comparison within the same sector, see the insider buying recorded at AXIA Energia S.A. and RGC Resources Inc. This summary is built from SEC (Form 4) disclosures alone and does not predict where the share price will go.
Insider Decl.
36
Thresholds
n/a
Buy Volume
€248,839
30 ops. · all time
Sell Volume
€227,624
3 ops. · all time
Who traded when
BuySaleRichard Page Howard7 buys2 sales
Since the insiders bought
- +74.9%Entry US$4.98 · Close at T+365 US$8.71
- +11.2%Entry US$12.23 · Close at T+365 US$13.60
- +22.5%Entry US$3.24 · Close at T+365 US$3.97
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Financial data
as of FY 2025FY ended October 2025 · cache
US$8.50
Analyst consensus
Income statement
RevenueUS$8.7M
EBITDAUS$7.9M91% margin
Net incomeUS$7.9M90.7% margin
Valuation
PER (trailing)8.3x
P/Book39.5x
Beta0.18
Balance sheet & cash
Market capUS$78.1M
Free Cash FlowUS$3.2M
Profitability & ownership
ROE511.5%
ROA155.8%
% insiders3.2%
% institutions7.9%
Last declaration on 19 March 2026
Declarations36 total
15,000 shares@ US$8.5536.7% of flowUnits of Beneficial InterestSEC:0001140361-26-010441:1
10,000 shares@ US$8.732344.7% of flowUnits of Beneficial InterestSEC:0001140361-26-010441:0
5,000 shares@ US$4.939914.1% of flowUnits of Beneficial InterestSEC:0001378285-25-000005:0
Canonical exit: 16 Apr 2025 (T+90)
5,000 shares@ US$4.959914.2% of flowUnits of Beneficial InterestSEC:0001378285-25-000004:0
Canonical exit: 14 Apr 2025 (T+90)
2,500 shares@ US$4.873.9% of flowUnits of Beneficial InterestSEC:0001378285-25-000003:1
Canonical exit: 8 Apr 2025 (T+90)
2,500 shares@ US$4.786.8% of flowUnits of Beneficial InterestSEC:0001378285-25-000003:0
Canonical exit: 8 Apr 2025 (T+90)
2,500 shares@ US$4.583.6% of flowUnits of Beneficial InterestSEC:0001378285-25-000002:1
Canonical exit: 7 Apr 2025 (T+90)
2,500 shares@ US$4.5796.5% of flowUnits of Beneficial InterestSEC:0001378285-25-000002:0
Canonical exit: 7 Apr 2025 (T+90)
5,000 shares@ US$4.7713.6% of flowUnits of Beneficial InterestSEC:0001378285-25-000001:0
Canonical exit: 6 Apr 2025 (T+90)
250 shares@ US$13.86100.0% of flowUnits of Beneficial InterestSEC:0001378980-23-000001:0
872 shares@ US$12.380.018% mcap87.1% of flowUnits of Beneficial InterestSEC:0001353074-22-000002:0
Canonical exit: 29 Sept 2022 (T+90)
128 shares@ US$12.5412.9% of flowUnits of Beneficial InterestSEC:0001353074-22-000001:0
Canonical exit: 21 Sept 2022 (T+90)
4,000 shares@ US$11.4123100.0% of flowUnits of Beneficial InterestSEC:0001272945-22-000001:0
1,750 shares@ US$2.3824.6% of flowUnits of Beneficial InterestSEC:0001353074-20-000001:0
Canonical exit: 22 Jun 2020 (T+90)
10,000 shares@ US$3.7071.4% of flowUnits of Beneficial InterestSEC:0001355729-20-000001:0
Canonical exit: 2 Jun 2020 (T+90)
4,000 shares@ US$3.7028.6% of flowUnits of Beneficial InterestSEC:0001355729-20-000001:1
Canonical exit: 3 Jun 2020 (T+90)
94.77 shares@ US$6.881.2% of flowUnits of Beneficial InterestSEC:0001353074-18-000015:0
98.92 shares@ US$8.161.5% of flowUnits of Beneficial InterestSEC:0001353074-18-000015:1
94.77 shares@ US$6.881.2% of flowUnits of Beneficial InterestSEC:0001353074-18-000014:0
Canonical exit: 26 Feb 2019 (T+90)
250 shares@ US$7.853.5% of flowUnits of Beneficial InterestSEC:0001353074-18-000012:0
Canonical exit: 15 Oct 2018 (T+90)
250 shares@ US$7.853.5% of flowUnits of Beneficial InterestSEC:0001353074-18-000011:0
Canonical exit: 3 Oct 2018 (T+90)
500 shares@ US$8.007.2% of flowUnits of Beneficial InterestSEC:0001353074-18-000010:0
Canonical exit: 1 Oct 2018 (T+90)
250 shares@ US$8.073.6% of flowUnits of Beneficial InterestSEC:0001353074-18-000009:0
Canonical exit: 30 Sept 2018 (T+90)
500 shares@ US$8.207.4% of flowUnits of Beneficial InterestSEC:0001353074-18-000008:0
Canonical exit: 19 Sept 2018 (T+90)
500 shares@ US$8.157.4% of flowUnits of Beneficial InterestSEC:0001353074-18-000008:1
Canonical exit: 19 Sept 2018 (T+90)
25 of 36 declarations
About North European OIL Royalty Trust
North European Oil Royalty Trust is a U.S.-listed royalty trust traded on the NYSE/NASDAQ market, organized under Delaware law and administered from Keene, New Hampshire, United States. Its business model is unusual: it is not an operating exploration-and-production company, but a passive royalty vehicle that holds overriding royalty interests in certain oil and gas concessions in the Federal Republic of Germany. The trust receives royalties tied to sales of gas, crude oil, condensate, and sulfur from those assets, then distributes net cash to unit holders. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72633/000007263324000018/tenk2024.htm?utm_source=openai))
The trust’s origins go back to North European Oil Corporation and North European Oil Company, which was dissolved in September 1975. At that time, the royalty rights were transferred into the trust structure. Since then, the trust has not conducted active business operations. Its role is administrative: monitor royalty receipts, verify the amounts due, hold and temporarily invest cash, and make quarterly distributions after reserving for expected expenses. In practical terms, investors are buying an exposure to legacy royalty cash flows rather than a growth-oriented energy operator. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72633/000114036125047052/ef20061997_10k.htm?utm_source=openai))
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From a competitive standpoint, North European Oil Royalty Trust occupies a narrow niche in public energy markets. It does not compete with integrated oil majors on scale, reserves replacement, or capital intensity. Instead, its attractiveness comes from its simple structure and direct linkage to royalty income. The key drivers are the underlying production profile in Germany, contractual arrangements with local subsidiaries historically associated with ExxonMobil and Shell, and commodity-price dynamics that affect realized royalty value. For investors, that means the trust is best viewed as a concentrated, yield-oriented energy asset with limited operational diversification. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72633/000114036125047052/ef20061997_10k.htm?utm_source=openai))
Geographically, the trust is U.S.-based in corporate terms, but its economic exposure is anchored in Germany. The trust’s principal executive offices are in Keene, New Hampshire, while the underlying royalty interests are tied to German concessions. The structure therefore combines an American listed security with non-U.S. producing assets, which can matter for currency, commodity, and regulatory sensitivity. The trust also maintains an investor-facing website and files regular SEC reports, including annual and quarterly filings and proxy materials. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000072633/000114036125047052/ef20061997_10k.htm?utm_source=openai))
Recent filings indicate continuity rather than transformation. The trust filed its 2025 annual report and subsequent proxy materials for the February 2026 unit-holder meeting, reinforcing that the business remains a passive royalty structure with no active operating segment. For market participants, the most important recent theme is not expansion, but ongoing dependence on the German royalty stream and the trust’s quarterly distribution policy. In that sense, the investment case remains tied to production trends, commodity prices, and the durability of the underlying concession arrangements. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72633/000114036125047052/ef20061997_ex32.htm?utm_source=openai))
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