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 Hess Midstream Partners, a filing with the SEC revealed that on Monday, Vice President John P. Rielly bought 20,000 shares of HESM, at a cost of $23.00 each, for a total investment of $460,000. So far Rielly is in the green, up about 13.3% on their purchase based on today's trading high of $26.05. Hess Midstream Partners is trading up about 0.1% on the day Thursday. This purchase marks the first one filed by Rielly in the past twelve months.
And on Wednesday, CEO Garo H. Armen bought $334,520 worth of Agenus, buying 100,000 shares at a cost of $3.35 each. Agenus is trading up about 11.1% on the day Thursday. Armen was up about 9.6% on the purchase at the high point of today's trading session, with AGEN trading as high as $3.67 at last check today.
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