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.
At EP Energy (NYSE:EPE), a filing with the SEC revealed that on Friday, CEO Brent J. Smolik bought 27,250 shares of EPE, at a cost of $18.42 each, for a total investment of $501,945. So far Smolik is in the green, up about 2.8% on their purchase based on today's trading high of $18.93. EP Energy is trading up about 0.6% on the day Monday. Before this latest buy, Smolik purchased EPE on 2 other occasions during the past twelve months, for a total investment of $504,430 at an average of $18.96 per share.
And on Thursday, William H. Gross purchased $466,952 worth of PIMCO Corporate Opportunity Fund (NYSE:PTY), purchasing 25,423 shares at a cost of $18.37 a piece. This buy marks the first one filed by Gross in the past year. PIMCO Corporate Opportunity Fund is trading off about 0.5% on the day Monday.
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