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Land This Bargain Energy Stock Even Cheaper Than CEO Locke Did
By Energy Stock Channel Staff, Monday, November 12, 4:11 PM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on November 6, Pioneer Energy Services Corp's CEO, Stacy Locke, invested $640,536.60 into 100,000 shares of PES, for a cost per share of $6.41. Bargain hunters tend to pay particular attention to insider buys like this one, because 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.
In trading on Monday, bargain hunters could buy shares of Pioneer Energy Services Corp (NYSE:PES) and achieve a cost basis even cheaper than Locke, with shares changing hands as low as $6.39 per share. Pioneer Energy Services Corp shares are currently trading down about 0.8% on the day. The chart below shows the one year performance of PES shares, versus its 200 day moving average:
Looking at the chart above, PES's low point in its 52 week range is $6.27 per share, with $12.10 as the 52 week high point — that compares with a last trade of $6.39. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
||President & CEO
According to the ETF Finder at ETF Channel, PES makes up 2.34% of the S&P SmallCap Energy Portfolio ETF (NASDAQ:PSCE) which is trading up by about 0.3% on the day Monday.
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