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| Top Buys by Top Brass: Chief Executive Officer's $2.1M Bet on TATBy Energy Stock Channel Staff, Monday, December 19, 2:05 PM ET
A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. 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 — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $2.1M invested across 8 purchases by Noah Malone Mitchell III, Chief Executive Officer at TransAtlantic Petroleum Ltd (AMEX:TAT). Mitchell III bets big on TAT:
Mitchell III's average cost works out to $1.15/share. In trading on Monday, bargain hunters could buy shares of TransAtlantic Petroleum Ltd (AMEX:TAT) and achieve a cost basis lower than Mitchell III, with shares changing hands as low as $1.08 per share. Shares of TransAtlantic Petroleum Ltd were changing hands at $1.08 at last check, trading off about 3.5% on Monday. 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 $1.08. TAT operates in the Oil & Gas Exploration & Production sector, among companies like Diamond Offshore Drilling, Inc. (NYSE:DO) which is off about 1.4% today, and Nexen Inc. (NYSE:NXY) trading lower by about 1.2%. Below is a three month price history chart comparing the stock performance of TAT, versus DO and NXY.
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One Reason For Insiders to Buy
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