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| Bag This Bargain Energy Stock Even Cheaper Than The CEO DidBy Energy Stock Channel Staff, Tuesday, November 22, 3:03 PM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on November 17, TransAtlantic Petroleum Ltd's Chief Executive Officer, Noah Malone Mitchell III, invested $502,826.02 into 368,338 shares of TAT, for a cost per share of $1.37. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Tuesday, bargain hunters could buy shares of TransAtlantic Petroleum Ltd (AMEX:TAT) and achieve a cost basis 8.4% cheaper than Mitchell III, with shares changing hands as low as $1.25 per share. TransAtlantic Petroleum Ltd shares are currently trading off about 3.1% on the day. The chart below shows the one year performance of TAT shares, versus its 200 day moving average:
Looking at the chart above, TAT's low point in its 52 week range is $0.57 per share, with $3.59 as the 52 week high point — that compares with a last trade of $1.26. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
TAT operates in the Oil & Gas Exploration & Production sector, among companies like Diamond Offshore Drilling, Inc. (NYSE:DO) which is off about 1.2% today, and EQT Corp. (NYSE:EQT) trading higher by about 0.1%. Below is a three month price history chart comparing the stock performance of TAT, versus DO and EQT.
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One Reason For Insiders to Buy
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