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.
On Wednesday, Phillips 66 Partners' Director, Joseph O'toole, made a $469,600 purchase of PSXP, buying 10,000 shares at a cost of $46.96 each. Phillips 66 Partners LP is trading off about 1.4% on the day Friday. This purchase marks the first one filed by O'toole in the past twelve months.
And also on Wednesday, Executive Vice President James Pieczynski bought $397,187 worth of PacWest Bancorp, buying 10,000 shares at a cost of $39.72 each. PacWest Bancorp is trading up about 1.4% on the day Friday.
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