There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on June 23, Energen Corp.'s Director, Alan A. Kleier, invested $47,585.00 into 1,000 shares of EGN, for a cost per share of $47.59. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Thursday, bargain hunters could buy shares of Energen Corp. (Symbol: EGN) and achieve a cost basis even cheaper than Kleier, with shares changing hands as low as $47.56 per share. Energen Corp. shares are currently trading off about 0.5% on the day. The chart below shows the one year performance of EGN shares, versus its 200 day moving average:
Looking at the chart above, EGN's low point in its 52 week range is $43.70 per share, with $64.44 as the 52 week high point - that compares with a last trade of $47.62. By comparison, below is a table showing the prices at which EGN insider buying was recorded over the last six months:
Alan A. Kleier
According to the ETF Finder at ETF Channel, EGN makes up 2.46% of the PowerShares Dynamic Energy Exploration & Production Portfolio ETF (Symbol: PXE) which is trading lower by about 0.2% on the day Thursday.
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