Investing

Insider Buying in Energy Ramps Up as Market Continues Higher

One thing we have noticed as the market has crept steadily higher this year is that insider buying has never hit a total wall. There has been consistent purchasing, and although the dollar volumes sometimes do not match the insider selling numbers, it is still a very impressive ongoing cycle, especially with the market at current levels.

We cover insider buying every week at 24/7 Wall St., and the sheer number of directors, executives and 10% institutional buyers continuing to add to positions is a very bullish sign for long-term stock investors. We are also seeing buying in beaten-down sectors like energy, and that is refreshing for shareholders after a painful nine-month sell-off.

Here are this past week’s top insider buying reports.

Enterprise Products Partners L.P. (NYSE: EPD) is a top master limited partnership, which saw a gigantic buy this past week. A director purchased a huge block of 1.5 million shares of the stock at $34 apiece. The total came to a massive $50.9 million. The shares were trading at $31.99 on Friday’s close.

Sprint Corp. (NYSE: S) shareholders had something to cheer about last week. Sprint’s chief executive stepped up and made a huge purchase of the stock. Marcelo Claure bought a block of 5.08 million shares of the carrier at prices between $4.92 and $4.94. The total for the buy came to a whopping $25 million. Shares closed trading on Friday at $5.23, so a very well-timed buy.

ALSO READ: Insiders Sell Huge Blocks of Stock as Market Rise Continues

Seattle Genetics Inc. (NASDAQ: SGEN) had a director come in and make a big buy. That director bought a stunning 448,841 shares of stock at a price of $34.80. The total purchase came to $15.6 million. The biotech stock ended Friday at $35.32.

FS Investment Corp. (NYSE: FSIC) had a director and one of the firm’s senior portfolio managers purchase shares this week. The pair bought a total of 120,170 shares at prices that ranged from $9.89 to $9.97. The total for the buy came to $1.2 million. Shares closed trading Friday at $9.94.

Solar Capital Ltd. (NASDAQ: SLRC) had the CEO and the chief financial officer purchase stock this week. The two teamed up to purchase a total of 91,278 shares at prices that ranged from $20.20 to $20.30. The total for the buy came to $2.1 million. The stock was trading at $20.19 at Friday’s closing bell.

These additional companies also reported insider buying this past week: A.M. Castle & Co. (NYSE: CAS), American Express Co. (NYSE: AXP), CARBO Ceramics Inc. (NYSE: CRR), Medivation Inc. (NASDAQ: MDVN) and Mondelez International Inc. (NASDAQ: MDLZ).

Many of the companies mentioned are seeing return buyers. That is a solid sign for shareholders, especially for good companies that have taken a hit on earnings or a headline event.

ALSO READ: 12 Companies Expected to Raise Their Dividends Very Soon

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