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 Friday, EV Energy Partners LP (EVEP)'s John B. Walker, made a $1.81M purchase of EVEP, buying 70,000 shares at a cost of $25.90 each. Investors have the opportunity to grab EVEP even cheaper than Walker did, with shares changing hands as low as $22.75 at last check today -- that's 12.2% below Walker's purchase price. EV Energy Partners LP is trading up about 2.9% on the day Tuesday. Before this latest buy, Walker bought EVEP at 3 other times during the past year, for a total cost of $5.09M at an average of $32.09 per share.
And also on Friday, Director H. B. Wehrle III bought $849,095 worth of MRC Global (NYSE:MRC), buying 50,000 shares at a cost of $16.98 a piece. MRC Global is trading up about 3.1% on the day Tuesday. Investors have the opportunity to buy MRC at a price even lower than Wehrle III did, with shares changing hands as low as $16.21 at last check today -- that's 4.5% below Wehrle III's purchase price.
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