Insider Buying at Energy Duo
Stephen Biggar, senior analyst of Argus Research, looks to a pair of stocks in the energy sector what are both seeing significant insider buying activity.
Chairman, CEO and Beneficial Owner Malone Mitchel III recently started to increase his holdings of TransAtlantic Petroleum (TAT).
He purchased a total of 160,000 shares at prices ranging from $1.17-$1.31, increasing his holdings to 435,826 shares held directly and an additional 15,045,377 indirectly.
His previous round of purchasing was in August of 2015, when 25,000 shares were acquired (at the time, accounting for the entirety of his holdings).
Since his most-recent acquisitions, the TAT share price has risen to $1.40, creating a significant gain for Mr. Mitchel.
Director Gregory Renwick also purchased 10,000 shares, nearly doubling his holdings to 26,324 shares. We view these transactions as a bullish indicator.
While the shares are trading near their 52-week high, they remain well below the $6 level seen just two years ago.
Paul Blanchard is the CEO and a director of Panhandle Oil & Gas (PHX). He recently stepped out of his historical trading pattern with the acquisition of 20,480 shares between March 22nd and March 30th.
These purchases, which increased his total reported holdings to 249,438 shares, were priced between $17.75-$19.50. The PHX shares are currently trading around $19.20.
Mr. Blanchard has not been the only purchaser of PHX stock thus far in 2017, as VP of Operations Freda Webb purchased a total of 10,875 shares between the February 9th and March 8th.
A previous Form-3 showed the ownership of 15,833 shares, making the recent purchases significant as they represent 40% of Webb’s current total reported holdings.