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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Apache Corp. (NASDAQ:APA), a filing with the SEC revealed that on Tuesday, Director Charles J. Pitman purchased 1,100 shares of APA, at a cost of $80.90 each, for a total investment of $88,990. Pitman was up about 3.9% on the buy at the high point of today's trading session, with APA trading as high as $84.09 in trading on Wednesday. Apache Corp. is trading up about 1.9% on the day Wednesday.
And on Friday, Executive Chairman of the Board John B. Walker purchased $57,000 worth of EV Energy Partners LP (EVEP), purchasing 1,200 shares at a cost of $47.50 each. Before this latest buy, Walker purchased EVEP on 3 other occasions during the past twelve months, for a total investment of $1.22M at an average of $55.38 per share. EV Energy Partners LP is trading up about 3.6% on the day Wednesday. Bargain hunters are able to snag EVEP at a price even lower than Walker did, with the stock trading as low as $44.58 in trading on Wednesday -- that's 6.1% below Walker's purchase price.
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