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 September 28, Miller Energy Resources, Inc.'s Director, Charles M. Stivers, invested $184,400.00 into 40,000 shares of MILL, for a cost per share of $4.61. 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 Monday, bargain hunters could buy shares of Miller Energy Resources, Inc. (NYSE:MILL) and achieve a cost basis 41.4% cheaper than Stivers, with shares changing hands as low as $2.70 per share. Miller Energy Resources, Inc. shares are currently trading up about 9.1% on the day. The chart below shows the one year performance of MILL shares, versus its 200 day moving average:
Looking at the chart above, MILL's low point in its 52 week range is $2.02 per share, with $8.04 as the 52 week high point — that compares with a last trade of $2.86. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
David J. Voyticky
Scott M. Boruff
Merrill A/ McPeak
David Michael Hall
Charles M. Stivers
MILL operates in the Oil & Gas Exploration & Production sector, among companies like Exco Resources Inc. (NYSE:XCO) which is up about 6.2% today, and McMoran Exploration Co (NYSE:MMR) trading higher by about 7.7%. Below is a three month price history chart comparing the stock performance of MILL, versus XCO and MMR.
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