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| Grab This Bargain Energy Stock Even Cheaper Than Chief Executive Officer Bulmahn DidBy Energy Stock Channel Staff, Monday, December 12, 4:26 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 16, ATP Oil & Gas Corp's Chief Executive Officer, T. Paul Bulmahn, invested $197,700.00 into 30,000 shares of ATPG, for a cost per share of $6.59. 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 ATP Oil & Gas Corp (ATPG) and achieve a cost basis even cheaper than Bulmahn, with shares changing hands as low as $6.58 per share. ATP Oil & Gas Corp shares are currently trading off about 5.5% on the day. The chart below shows the one year performance of ATPG shares, versus its 200 day moving average:
Looking at the chart above, ATPG's low point in its 52 week range is $5.53 per share, with $21.40 as the 52 week high point — that compares with a last trade of $6.70. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
ATPG operates in the Oil & Gas Exploration & Production sector, among companies like Apache Corp. (NYSE:APA) which is down about 3.7% today, and Anadarko Petroleum Corp (NYSE:APC) trading lower by about 2.9%. Below is a three month price history chart comparing the stock performance of ATPG, versus APA and APC.
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One Reason For Insiders to Buy
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