OK Ray we are hypothetically making money! Thought about oil stocks lately? How about going long somewhere? Here is a write up from CDA Investnet on ESV but it points out that the oils stocks as a group are seeing lots of insider buying:
We have covered insider accumulation recently at a number of firms among the oil & oil service stocks. Insiders at Ensco rank high among those stepping up to acquire shares. From June 3 through July 31, five Ensco insiders acquired a total of 133,518 shares, all attributable to company Directors. Of the total, 111,900 shares were purchased on the open market at $15.78-$25.44 per share. Director Morton Meyerson acquired a total 74,900 shares-62,900 on the open market, 12,000 through the exercise of options. Director Gerald Haddock purchased 25,000 shares, while fellow Directors Thomas Kelly and Richard Leblanc picked up 20,000 and 4,000 shares, respectively. Rounding out the activity, Director Robert Issac exercised options for 5,000 shares. It should be noted that in some cases, the options exercised were due to expire in the near-term; however, the fact that, for the most part, the insiders elected to retain control of the underlying shares should likewise be considered. Ensco International is an international offshore contract drilling company, as well as a provider of marine transportation services through 37 vessels.
cda.com
I'm not suggesting that ESV would be the best buy in the group but I am saying that oils are undervalued. I might have a pick of my own soon.
InvestRight
Regards, Jeff |
