On March 8 the CEO and president of Dresser-Rand Group Inc. (
) added almost 18,000 shares to his stake. This insider trade
marks the first insider buy for Dresser-Rand since 2008 and the
first insider trade since May of last year.
CEO and President Vincent Volpe bought 17,680 shares of
Dresser-Rand at about $57.02 per share. His total purchase amount
was $1,008,113. Volpe now owns at least 418,141 shares of his
company. Since this purchase the price per share, DRC has gone up
Vincent Volpe Jr. has been with the Dresser-Rand Group since 1981
and has been a director since 2004. Volpe has held his position
as CEO and president since October 2004. Volpe has also served as
an independent director of FMC Corporation (
) since 2007. Volpe earned a B.S. in mechanical engineering and
B.A. in German literature from Lehigh University.
Dresser-Rand Group builds and distributes custom-engineered
rotating equipment solutions for worldwide energy infrastructure
including oil, gas, petrochemical and power industries. Based out
of Houston, Texas, Dresser-Rand has a market cap of $4.46
The total revenues for 2012 amounted to $2.74 billion which was a
$424.8 increase from 2011. These revenues increased as a result
of continuing growth in Dresser-Rand's served markets.
"As we enter 2013, given the record level backlog and our
expectation for 2013 bookings to be higher than 2012, we are
enthusiastic about this being a year in which we believe our
operating earnings should increase by at least 35% and
potentially as high as 60% from 2012," said Volpe.
Dresser-Rand is not the only company in the oil and petroleum
industry that has seen a jump in insider buys. In the past week,
we have seen quite a few insider buys for companies in the oil,
gasoline, petroleum and oil distribution industries. A few other
oil and gas companies seeing insider buys this past week are:
Ferrellgas Partners (
), NuStar Energy LP (
), Far East Energy Corp (
) and Deep Well Oil and Gas (
The oil and gas industry in America is doing quite well this
week. The price of oil fell this morning, and the oil contract
for April fell 55 cents to $91.40 a barrel on the New York
Mercantile Exchange. Last week the Energy Department announced
that the U.S.'s supply of crude oil is up 10.3% over last year's
levels; they also announced that the U.S. is currently producing
more than 7 million barrels a day.
The following five gurus followed by GuruFocus own shares in DRC:
John Keeley (561,549 shares), Jean-Marie Eveillard (820,890
shares), Columbia Wanger (414,700 shares), Pioneer Investments
(166,565 shares) and Steven Cohen (17,392 shares).
With its share price up 1.08% this afternoon, Dresser-Rand Group
trades at $58.56.About GuruFocus: GuruFocus.com tracks the stocks
picks and portfolio holdings of the world's best investors. This
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