April has seen an increase in insider buying in the energy industry in Canada. Similarly, we’ve seen an increase in insider buying in these sectors as they hit or near their 52-week low in price. The following stocks have been highlighted by at least two insiders making buys in to their companies as the price hits or near a low.
1. Tamarack Valley Energy (TSXV:TVE)
Tamarack Energy reported its first three insider trades this month. Two insiders made three separate buys as the stock nears a 52-week low.
The two insiders added 12,000 shares at an average price of $2.05. The total transaction amount of these transactions was $24,290. Both the CEO and President (Brian Schmidt) and the Executive VP and CFO (Ron Hozjan) added to their stake in the company.
While the total amount of these transactions is small it is important to note that these are the first insider buys coming as the price nears a 52-week low.
The GuruFocus analysis of Tamarack reports that the company has issused CAD 17.134 million of debt in the past three years. The company has also seen an operating loss over the past three years. On the upside, the company’s P/S Ratio is also close to a 3-year low of 1.4.
There are no gurus that currently hold stake in Tamarack.
With its shares down 1.5% today, Tamarack Energy trades at $1.97.
2. MEG Energy (TSX:MEG)
This past week two corporate executives made a total of eight different insider buys into MEG Energy.
Senior VP of Resource Management, Grant Boyd, made four different buys adding a total of 1,375 shares. These shares traded at an average price of $30.27. Boyd spent a total of $41,614 on these transactions.
Director Robert Hodgins made four different transactions adding a total of 1,300 shares at an average price of $30.01 per share. He spent $39,013 on these buys.
The two insiders added to their stake as the price of MEG is dropped past its former 3-year low price of $30.40. The GuruFocus analysis also points out that the P/S Ratio is close to a 3-year low of 5.7.
The Signature Select Canadian Fund holds 48,350 shares of MEG Energy.
With its shares up 1.45%, MEG Energy trades at $28.70.
3. Ithaca Energy (TSX:IAE)
Ithaca Energy reported three insider buys this past week. These buys came as the price of Ithaca is nearing a 52-week low.
Director Jay Zammit added 50,000 shares at an average price of $1.72. This transaction cost Zammit $86,000.
Director Jack Lee bought 65,000 shares for $1.72 per share. Lee spent $111,800 on this transaction.
Director Roger Hurtubise bought 25,000 shares for $1.73 each. This transaction cost Hurtubise $43,250.
The price of Ithaca is currently near a 3-year low price of $1.73. According to the GuruFocus analysis of the company its P/B Ratio is also close to a 3-year low of 0.73. The analysis also reports that the company’s operating margin has been a 5-year decline.
No gurus currently have stake in Ithaca Energy.
Ithaca Energy currently trades at $1.73.
4. Donnycreek Energy (TSXV:DCK)
Last week two corporate executives of Donnycreek Energy reported nine insider buys. The insiders bought a total of 28,100 shares at an average price of $1.68.
Chief Operating Officer and Director, Murray Scalf, added the most by making eight different transactions and buying a total of 22,000 shares. Scalf spent a total of $37,226.
President and CEO Malcolm Todd bought 6,100 shares of his company at $1.61. Todd spent a total of $9,821.
These buys come as the company’s price is coming down from its 52-week high price of $2.92.
Donnycreek Energy recently announced the successful development of their Kakwa plants.
There are currently no gurus that hold stake in Donnycreek Energy.
With its shares up 5.14%, Donnycreek trades at $1.84.
To view the complete list of Canadian Insider Buys at 52-week lows, click here.
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