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.
On Monday, VAALCO Energy (NYSE:EGY)'s Director, Alfred John Knapp Jr., made a $47,250 buy of EGY, purchasing 50,000 shares at a cost of $0.94 a piece. Investors can pick up EGY even cheaper than Knapp Jr. did, with shares changing hands as low as $0.88 at last check today -- that's 7.1% under Knapp Jr.'s purchase price. VAALCO Energy is trading up about 0.7% on the day Thursday. Before this latest buy, Knapp Jr. bought EGY on 2 other occasions during the past year, for a total cost of $64,800 at an average of $1.08 per share.
And at EQT Corp (NYSE:EQT), there was insider buying on Monday, by Director A. Bray Cary Jr. who purchased 421 shares at a cost of $61.10 each, for a total investment of $25,723. Before this latest buy, Cary Jr. purchased EQT at 3 other times during the past twelve months, for a total cost of $71,450 at an average of $70.95 per share. EQT Corp is trading up about 1.5% on the day Thursday. Cary Jr. was up about 3.5% on the purchase at the high point of today's trading session, with EQT trading as high as $63.26 in trading on Thursday.
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