Monday 11/2 Insider Buying Report: KMI, CNX
updated Monday, November 2, 10:33 AMBargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Kinder Morgan (KMI)'s CEO, Steven J. Kean, made a $497,818 purchase of KMI, buying 18,150 shares at a cost of $27.43 a piece. Investors have the opportunity to pick up KMI at a price even lower than Kean did, with shares trading as low as $26.28 at last check today -- that's 4.2% below Kean's purchase price. Kinder Morgan is trading off about 1.4% on the day Monday. Before this latest buy, Kean purchased KMI on 2 other occasions during the past twelve months, for a total cost of $713,781 at an average of $36.60 per share.
And on Thursday, Director Alvin R. Carpenter bought $70,441 worth of CONSOL Energy (CNX), buying 10,000 shares at a cost of $7.04 each. Before this latest buy, Carpenter purchased CNX on 5 other occasions during the past year, for a total investment of $638,061 at an average of $18.23 per share. CONSOL Energy is trading up about 4% on the day Monday. Investors have the opportunity to buy CNX at a price even lower than Carpenter did, with shares changing hands as low as $6.59 in trading on Monday -- that's 6.4% below Carpenter's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.