Africa Oil CEO buys after pullback
Shares of Africa Oil Corp. (Friday’s close $8.07) hit a record high of $11.35 in late May after the company announced it had intersected a second interval of oil-bearing sands at its Ngamia-1 well in Kenya. Although the stock has retreated, it still sports a market capitalization of about $1.8-billion. With no operating revenues, traditional valuation measures such as P/E are not much help in assessing the share price. However, CEO Keith Hill caught our eye when he recently bought 33,900 shares in the public market at prices between $7.37 and $7.56.