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.
On Tuesday, Basic Energy Services Inc (NYSE:BAS)'s Director, Steven A. Webster, made a $438,652 buy of BAS, purchasing 50,000 shares at a cost of $8.77 each. So far Webster is in the green, up about 20.8% on their purchase based on today's trading high of $10.60. Basic Energy Services Inc is trading up about 3.4% on the day Friday. Before this latest buy, Webster bought BAS on 6 other occasions during the past twelve months, for a total investment of $5.47M at an average of $13.56 per share.
And at Forbes Energy Services Ltd. (NASDAQ:FES), there was insider buying on Tuesday, by EVP, COO Charles C. Forbes who purchased 20,938 shares at a cost of $4.25 each, for a total investment of $88,986. This buy marks the first one filed by Forbes in the past year. Forbes Energy Services Ltd. is trading up about 8.7% on the day Friday. So far Forbes is in the green, up about 8.9% on their purchase based on today's trading high of $4.63.
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