Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, WPX Energy ( WPX )'s CEO, Richard E. Muncrief, made a $303,870 purchase of WPX, buying 14,000 shares at a cost of $21.70 a piece. WPX Energy is trading up about 1% on the day Wednesday. This buy marks the first one filed by Muncrief in the past twelve months.
And also on Monday, CEO Gary J. Wojtaszek purchased $228,054 worth of CyrusOne ( CONE ), purchasing 10,000 shares at a cost of $22.81 each. Before this latest buy, Wojtaszek made one other purchase in the past year, buying $130,368 shares at a cost of $21.83 a piece. CyrusOne is trading down about 0.3% on the day Wednesday.