Investing

Energy Stocks Highlight Slow Earnings Season Insider Buying: Summit Midstream, Western Refining Logistics, Monsanto and More

Lee Jackson

Published: April 24, 2016 10:15 am

Last Updated: January 13, 2020 10:23 am

Regular 24/7 Wall St. readers know that earnings season typically slows the rate of insider activity in a big way. Corporations go into what is called the silent period, before, during and sometimes after earnings are reported. This is the time when windows for insiders to transact shares are closed so there is no semblance of impropriety. Typically this lasts early into the month following the reporting.

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 last week.

Summit Midstream Partners L.P. (NYSE: SMLP) hits our screens once again, as it did so many times during the first quarter. A director at the company, Energy Capital Partners, bought a total of 59,974 shares of the stock at prices that ranged from $18.01 to $18.37. The company focuses on owning, developing and operating midstream energy infrastructure assets, primarily shale formations in North America. Insiders at all levels of the company have been buying this stock. The shares closed Friday at $20.11.

Western Refining Logistics L.P. (NYSE: WNRL) had the man at the top buying shares this past week. CEO Jeff Stevens picked up a block of 31,800 shares of the company at $24.36 apiece. The total for the buy came in at some $800,000. The company engages in the ownership, acquisition, development and operation of terminals, storage tanks, pipelines and other logistics assets in the southwestern United States. The stock closed Friday at $24.82, so the timing looks solid.

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