Investing

Warren Buffett Continues Massive Energy Insider Buying: Phillips 66, Summit Midstream, Lands' End and More

Lee Jackson

Published: January 23, 2016 10:10 am

Last Updated: January 13, 2020 2:40 pm

Finally after what seems to have been the longest January in recorded investing history, maybe investors are starting to see a light at the end of the tunnel, and it isn’t a train full of sellers ready to run them over. While the markets are still on track to post the worst January in years, it is starting to feel like the selling is wearing itself out. One thing is for sure, insider buying stayed strong while insider selling is all but nonexistent, as it has been the entire month.

We cover insider buying every week at 24/7 Wall St., and we like to remind our readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings. That aside, it still remains a positive indicator.

Here are some of the companies that reported notable insider buying this past week.

Phillips 66 (NYSE: PSX) had a big time buyer on the desk once again last week, and just like all of January the share count is huge. Warren Buffet’s Berkshire Hathaway was busy buying 719,055 shares of the company at prices between $74.33 and $80.08. The total for the trade came to $55.8 million. Earlier last week, the investing legend bought an additional 1,587,407 shares at prices that ranged from $75.54 to $78.93. The total for this buy was a staggering $121.5 million Phillips 66 operates as an energy manufacturing and logistics company. The stock closed the day on Friday at $80.03 per share.

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