Subscribers

Insiders snap up energy stocks as valuations fall

Prices hit 10-year low as oil rout sparks stock selling stampede

New York

THE rout in energy stocks reminds Tim Rochford of something else he's seen in Texas. "What happened is almost like a herd of cattle, one cow turns left, all the cows follow it and it's a stampede," said the 68-year-old co-founder of Midland-based Ring Energy Inc, one of 118 industry executives who bought shares of their own companies in the last month amid the worst losses since 2008.

"This is an absolute fire sale," he said. "It's an overreaction and the result is it's oversold."

With valuations at a decade low, oil executives such as Mr Rochford and Chesapeake Energy Corp's Archie Dunham are driving the biggest wave of insider buying since 2012, data compiled by the Washington Service...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes