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| Top Buys by Top Brass: CEO Chazen's $426.7K Bet on MGYBy Energy Stock Channel Staff, Thursday, March 18, 10:02 AM ET
A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company 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 the ''top brass'' over the trailing six month period, one of which was a total of $426.7K invested across 2 purchases by Stephen I. Chazen, CEO at Magnolia Oil & Gas Corp (NYSE:MGY). Chazen bets big on MGY:
Chazen's average cost works out to $5.69/share. Shares of Magnolia Oil & Gas Corp were changing hands at $11.61 at last check, trading off about 2.1% on Thursday. 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 $3.24 per share, with $13.35 as the 52 week high point — that compares with a last trade of $11.61. Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
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