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Weekly Top Insider Buys: Wachovia Corp., Crusader Energy Group Inc., Churchill Downs Inc., Edison International, Clean Energy Fuels Corp.

September 22, 2008 | About:

Weekly highlight of top insider buys: Wachovia Corp. (NASDAQ:WB), Crusader Energy Group Inc. (KRU), Churchill Downs Inc. (NASDAQ:CHDN), Edison International (NYSE:EIX), Clean Energy Fuels Corp. (NASDAQ:CLNE)

Wachovia Corp. (NASDAQ:WB): Director William H Jr Goodwin Bought 1,000,000 Shares

Wachovia Corporation is a leading provider of financial services to retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in East Coast states and Washington D.C. and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.

Wachovia Corp. is rumored that it will merge with Morgan Stanley & Co., a company with $989 billion in total assets at the end of August. It recently reported third-quarter earnings of $1.43 billion, or $1.32 per share, from continuing operations, down from $1.47 billion or $1.38 per share a year earlier. Morgan Stanley’s board was scheduled to meet on Saturday, September 20, to weigh options.

Wachovia Corp. is owned by 10 Gurus. As of 6/30/2008, Charles Brandes, Richard Pzena, NTWQ Managers, Hotchkis & Wiley, Chris Davis, Dodge & Cox, David Dreman, Ruane Cunniff, Kenneth Fisher, and Jean Marie Eveillard own shares of Wachovia Corp.

In the quarter that ended on 6/30/2008, Tom Gayner, Bill Millder, Kenneth Fisher, and Arnold Sneider sold out their holdings.

Director of Wachovia Corp. (NASDAQ:WB) William H Jr Goodwin bought 1,000,000 shares on 09/15/2008 at an average price of $18.75. President and CEO, Director Robert King Steel, Director John D Ii Baker also bought shares of Wachovia Corp recently. SEVP, President of Wealth Mgmt. Stanhope A Kelly sold 5,000 shares of WB stock on 07/22/2008. The price per stock has increased by more than 30% since.

Wachovia Corp. has a market cap of $40.05 billion; its shares were traded at around $18.75 with P/S ratio of 1.68. The dividend yield of Wachovia Corp. stocks is 1.4%.

Crusader Energy Group Inc. (KRU): Director Joseph Colonnetta Bought 156,600 Shares

Oklahoma City-based CRUSADER ENERGY GROUP INC. is an oil and gas company with assets focused in various producing domestic basins. The company has a primary focus on the development of unconventional resource plays which includes the application of horizontal drilling and cutting edge completion technology aimed at developing shale and tight sand reservoirs.

After merging with Westside Energy, Crusader Energy Group Inc. swung to a quarterly net loss of $120.2 million, or $1.15 a share. The company reported a profit of $4.2 million last year. On an adjusted basis, earnings per share totaled 6 cents. Revenue for the oil and gas company rose to $26.1 million, from $9.5 million the year before.

Crusader Energy Group Inc. is not owned by any Gurus.

Director Joseph Colonnetta bought 156,600 shares of KRU stock on 09/17/2008 at the average price of $3.23; the price of the stock has increased by 12.38% since. Directors Phil D. Kramer, Robert H Niehaus, Norman David D Le, Secretary and General Counsel Charles L Jr. Mullens, and VP, controllor, and IRManager Roy A. Fletcher all bought shares of Crusader Energy Group Inc during the past 30 days.

Crusader Energy Group Inc. has a market cap of $719.44 million; its shares were traded at around $3.63 with P/S ratio of 10.33.

Churchill Downs Inc. (NASDAQ:CHDN): Director Richard L Duchossois Bought 10,032 Shares

Churchill Downs Inc. is a racing company that primarily conducts pari-mutuel wagering on live Thoroughbred, Standardbred, and Quarter Horse horse racing and simulcast signals of races. Additionally, the company offers racing services through our other business interests.

Due to a decrease of purse money earned from the 2008 Spring Meet, Churchill Downs Racetrack has been forced to reduce $975,000 from its stakes program for the upcoming 2008 Fall Meet through purse reductions in 11 stakes races and the elimination of two other stakes. In September, the board of directors of Churchill Downs Inc. elected two new board members, James McDonald and Alex Rankin.

Churchill Downs Inc. is not owned by any Gurus.

Directors Richard L. Duchossois and Susan Elizabeth Packer bought shares of Churchill Downs Inc last week. The price per stock had increased slightly since.

Churchill Downs Inc. has a market cap of $690.21 million; its shares were traded at around $50.48 with a P/E ratio of 28.47 and P/S ratio of 1.57. The dividend yield of Churchill Downs Inc. stocks is 1.1%.

Edison International (NYSE:EIX): Exec. VP and General Counsel Robert L Adler Bought 10,000 Shares

Edison International is an international electric power generator distributor and structured finance provider. It is the parent company of Edison Mission Energy, Southern California Edison, Edison Capita Edison Enterprises, and Edison O&M Services.

The California Public Utilities Commission announced a fine on Thursday, September 18, and ordered Edison to refund nearly $81 million that customers paid for performance bonuses over several years. State regulators have penalized Southern California Edison $146 million for rigging customer satisfaction surveys.

Edison International is owned by two Gurus. As of 6/30/2008, David Dreman owns 46,600 shares, an increase of 16.5% from the previous quarter, and Kenneth Fisher owns 234,174 shares, a decrease of 34.83% of from the previous quarter. George Soros sold out his holdings in the quarter that ended on 06/30/2008.

Chairman and CEO, Director John E Bryson sold shares of EIX on 5/14/08. Exec. VP and General Counsel Robert L Adler bought 10,000 shares of EIX stock at $42.29 a share last week. Executive Vice President Polly L Gault sold 10,380 shares of EIX stock. The price per stock has decreased about 5% since.

Edison International has a market cap of $13.05 billion; its shares were traded at around $40.04 with a P/E ratio of 10.76 and P/S ratio of 0.96. The dividend yield of Edison International stocks is 2.9%.

Clean Energy Fuels Corp. (NASDAQ:CLNE): Director Vincent C Taormina Bought 25,000 Shares

Director Vincent C Taormina bought 25,000 shares of CLNE stock on 09/15/2008 at the average price of $16.8; the price of the stock has increased by 3.51% since.

Clean Energy Fuels Corp., based in Seal Beach California, is the leading provider of natural gas (CNG and LNG) for transportation in North America. It has a broad customer base in the refuse transit ports shuttle taxi intrastate and interstate trucking airport and municipal fleet markets across the United States and Canada.

Clean Energy Fuels Corp. was recently awarded a 10-year contract by CleanScapes, Inc., a newly-designated City of Seattle, WA solid waste contractor, to build and operate a compressed natural gas (CNG) station and provide fuel for CleanScapes’ 40 new CNG-powered refuse trucks.

Clean Energy Fuels Corp. is owned by two Gurus. As of 6/30/2008, Boone Pickens owns 396,464 shares, which accounts for 0.21% of the $2.12 billion portfolio of BP Capital, and George Soros owns 56,306 shares, which accounts for 0.03% of the $2.47 billion portfolio of Soros Fund Management LLC. Notably T. Boon Pickens, the oil titan who owns more than 10% of the company shares, has reduced his holdings lately.

Clean Energy Fuels Corp. has a market cap of $770.55 million; its shares were traded at around $17.39 with P/S ratio of 6.22.

  • CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
  • Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
  • Double Buys:: Companies that both Gurus and Insiders are buying
  • Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.

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