Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Parker Drilling, a filing with the SEC revealed that on Friday, Peter Thomas Fontana purchased 160,000 shares of PKD, for a cost of $1.90 each, for a total investment of $304,000. Parker Drilling is trading off about 2.6% on the day Tuesday. This purchase marks the first one filed by Fontana in the past twelve months.
And at Oasis Petroleum, there was insider buying on Friday, by Director John E. Hagale who purchased 15,000 shares at a cost of $14.05 each, for a trade totaling $210,750. This purchase marks the first one filed by Hagale in the past year. Oasis Petroleum is trading off about 0.7% on the day Tuesday. So far Hagale is in the green, up about 2.6% on their purchase based on today's trading high of $14.42.
For MarketNewsVideo.com, I'm Sayoko Murase.