North American oil & gas insiders showing caution

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While Canadian insiders continue to signal that the Energy sector is undervalued, they are being much more cautious in their buying during the current pullback in oil & gas stocks than they were in early winter. The muted response of insiders may be partly explained by trading blackout restrictions. Alternatively, insiders might be content to wait to see how oil markets settle out given the risk of more Iranian crude hitting the market next year on the back of the 6-nation nuclear deal struck in Vienna.

South of the border,  we are paying particular attention to lackluster insider sentiment in the sector. Although our sentiment indicator has been moving up recently, it is not responding as vigorously as we would expect given that the Energy Select Sector SPDR ETF (XLE*US) is making new 52-week lows.

INK US Energy Indicator


The rather subdued behaviour of oil and gas insiders on both sides of the border suggests that investors should take a cautious approach towards the group this summer. For contrarians considering the oil & gas area, the five stocks with the most insider direct ownership buying in Canada and the US over the past 60 days are listed below. 


Canadian Energy Stocks Most Insider Buying 60-Day (by value)

Issuer Name Symbol $ Amount Volume
Enbridge Income Fund Holdings ENF 541,140.00 15,000
Total Energy Services TOT 527,673.12 33,708
Freehold Royalties FRU 471,000.00 27,000
Northern Power Systems NPS 444,380.01 496,850
Inter Pipeline IPL 282,092.50 9,670


US Energy Stocks Most Insider Buying 60-Day (by value)

Issuer Name Symbol $ Amount (000's) Volume (000's)
Kinder Morgan KMI 8,371.43 212
WPX Energy WPX 1,846.59 182.83
Green Plains Partners LP GPP 1,489.59 100.16
Ferrellgas Patners, L.P. FGP 1,361.72 59
Halcon Resources HK 1,034.75 1,000.00


This article is not meant to be investment advice. Please read our full disclaimer.


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