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| Top Buys by Directors: Chazen's $230.9K Bet on MGYBy Energy Stock Channel Staff, Friday, March 26, 2:03 PM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $230.9K by Stephen I. Chazen, CEO at Magnolia Oil & Gas Corp (NYSE:MGY). Chazen bets big on MGY:
Chazen's average cost works out to $5.77/share. Shares of Magnolia Oil & Gas Corp were changing hands at $11.81 at last check, trading up about 4.2% on Friday. The chart below shows the one year performance of MGY shares, versus its 200 day moving average:
Looking at the chart above, MGY's low point in its 52 week range is $3.45 per share, with $13.35 as the 52 week high point — that compares with a last trade of $11.81. Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
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