As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Phillips 66 (NYSE:PSX), a filing with the SEC revealed that on Wednesday, Director William R. Loomis Jr. bought 7,420 shares of PSX, at a cost of $67.31 each, for a total investment of $499,450. Phillips 66 is trading up about 1% on the day Thursday. Before this latest buy, Loomis Jr. bought PSX at 4 other times during the past twelve months, for a total cost of $2.05M at an average of $78.55 per share.
And on Tuesday, Chief Executive Officer Steven D. Gray purchased $406,800 worth of RSP Permian (RSPP), purchasing 20,000 shares at a cost of $20.34 a piece. Before this latest buy, Gray made one other buy in the past twelve months, purchasing $292,500 shares at a cost of $19.50 each. RSP Permian is trading up about 3.8% on the day Thursday. Gray was up about 8.3% on the purchase at the high point of today's trading session, with RSPP trading as high as $22.03 in trading on Thursday.
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