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 2.98%.
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 (FMC) 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 billion.
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 (FGP), NuStar Energy LP (NS), Far East Energy Corp (FEEC) and Deep Well Oil and Gas (DWOG).
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.
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