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Featured below are 15 companies that have experienced recent insider buying and selling activity in the public market through their direct and indirect ownerships.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock's valuation; perhaps an insider needs to raise money for personal reasons. An insider's total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company's shares or units.

Let's begin the report detailing companies with buying activity.

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Cenovus Energy Inc. (CVE-T)

Ian Delaney, who sits on the board of directors, continued to accumulate shares, purchasing 25,000 shares at an average price per share of $13.4362 on May 16, and buying 25,000 shares at $13.4399 the previous day. Following these trades, his portfolio's position stood at 300,000 shares.

In addition, Susan Dabarno, who sits on the board of directors, purchased 6,617 shares at an average price per share of $13.1251 on May 16, and acquired 8,308 shares at $13.4192 the prior day. These purchases increased her portfolio's holdings to 14,925 shares.

In prior reports, we reported that Ian Delaney bought 25,000 shares at an average price per share of $13.2987 on May 11, accumulated 25,000 shares at $12.9564 on May 4, bought 25,000 shares at $13.4762 on May 2, and purchased 25,000 shares at $13.5604 the prior trading day.

President and chief executive officer Brian Ferguson purchased 10,000 shares on May 8, increasing his portfolio's position to 165,966 shares.

Harbir Chhina, executive vice-president of oil sands development, purchased a total of 100,000 shares over a number of trading days beginning on April 28 through to May 3. After hese transactions, his portfolio's position stood at 502,477 shares.

In addition, Judy Fairburn, executive vice-president of business innovation, bought 20,500 shares on April 28.

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ECN Capital Corp. (ECN-T)

Three insiders have reported large recent transactions.

President Jim Nikopoulos purchased 263,857 shares at an average price per share of $3.86 on May 16, and bought 655,789 shares at an average price per share of $3.78 the previous day. After these two trades, his portfolio's holdings stood at 1,692,912 shares.

Paul Stoyan, who sits on the board of directors, bought 74,000 shares on May 15. In addition, insider Loreto Grimaldi, bought 94,235 shares at an average price of $3.86 per share on May 16 and purchased 234,221 shares at $3.78 per share the previous day. These two trades raised his holdings to 328,456 shares.

Industrial Alliance Insurance & Financial Services Inc. (IAG-T)

On May 18, Denis Ricard, executive vice-president of individual insurance and annuities, bought 2,000 shares at an average price per share of $50, initiating a portfolio position. On May 17, Carl Mustos, president of subsidiary IA Clarington Investments Inc., purchased 1,700 shares at an average price per share of $50.5197, increasing his portfolio's position to 4,400 shares.

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Lithium Americas Corp. (LAC-T)

On May 16, Gabriel Rubacha, a director and the president of South American operations, bought 275,000 shares at an average price of 97.16 cents per share, increasing his portfolio's holdings to 737,000 shares.

Plaza Retail REIT (PLZ.UN-T)

On May 18, chairman of the board of trustees Earl Brewer purchased 50,000 units at an average price per unit of $4.758. This trade increased his ownership position in his portfolio to 164,872 units.

Russel Metals Inc. (RUS-T)

In a relatively small transaction, James Dinning, the chair of the board of directors, purchased 1,500 shares at an average price per share of $25.89.

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SunOpta Inc. (SOY-T)

On May 19, chief information officer Rob Duchscher accumulated 5,800 shares at an average price per share of $8.9435 (U.S.), initiating a portfolio position.

Jeff Gough, the chief human resources officer, bought 5,000 shares on May 16, and 10,000 shares on May 12, initiating a portoflio position.

In addition, board member, Shan Atkins, purchased 12,500 shares on May 12, lifting her portfolio's position to 25,881 shares, and fellow board member, Al Bolles, accumulated 20,000 shares that same day, raising his portfolio's holdings to 60,000 shares.

Trinidad Drilling Ltd. (TDG-T)

On May 12, the president and chief executive officer Brent Conway purchased 100,000 shares, significantly increasing his portfolio's holdings to 125,700 shares.

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WestJet Airlines Ltd. (WJA-T)

Two board members accumulated shares in recent days.

Jacques Ménard bought 5,000 shares at an average price per share of $22.68 on May 12, and purchased 5,000 shares at $22.38 per share on May 8.

Ron Brenneman purchased 5,000 shares at an average price per share of $21.85 on May 18 and 5,000 shares at $22 per share the prior day. After these two trades, Mr. Brenneman held 60,000 shares in this portfolio.

Wi-Lan Inc. (WIN-T)

In relatively small transactions, executive chairman Jim Skippen has been an active buyer on share price weakness, purchasing a total of 18,000 shares between May 11 and May 16, and board member Ian McKinnon accumulated a total of 12,500 shares between May 9 and May 16.

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Companies with recent insider selling activity include:

Advantage Oil & Gas Ltd. (AAV-T)

Three insiders completed recent sales.

On May 16, the company's senior vice-president Neil Bokenfohr sold 25,000 shares at a price of $9.05 per share, but maintains a sizeable positon with 806,830 shares in his portfolio.

President and chief executive officer Andy Mah has been steadily paring his holdings. His most recent sale occurred on May 11, he divested 12,000 shares at an average price per share of $9. After this trade, his portfolio's position was 1,050,196 shares.

Chief financial officer Craig Blackwood sold 10,000 shares at an average price of $8.857 per share on May 10, trimming his portfolio's holdings to 435,494 shares.

Pason Systems Inc. (PSI-T)

Three executives have been selling shares in the public market.

On May 19, Ryan van Beurden, vice-president of rigsite research and development, exercised his options and sold the corresponding number of shares (6,000) at a price of $20.98 per share, eliminating his portfolio's position.

On May 12, Dave Elliott, vice-president of finance, exercised his options, and the same day sold the corresponding number of shares (20,000) at an average price of $20.03 per share, leaving his portfolio's holdings at 8,725 shares.

Kevin Boston, vice-president of business development, also exercised his options and sold the corresponding number of shares the same day. He sold 5,000 shares on May 19 at an average price per share of $20.95, and divested 5,000 shares on May 16 at $20.45, leaving his portfolio's holdings at 6,500 shares.

People Corp. (PEO-X)

Scott Anderson, who sits on the board of directors, sold 14,263 shares on May 18, divested 16,988 shares on May 12, and sold 1,200 shares the previous day.

Sleep Country Canada Holdings Inc. (ZZZ-T)

Co-founder and executive co-chair Christine Magee sold 30,000 shares at an average price per share of $38.05 on May 18, trimming her portfolio's positon to 598,198 shares. The president of Dormez-vous? and chief business development officer Stewart Schaefer sold 10,000 shares on May 16, trimming his portfolio's position to 355,287 shares.

Last week, we reported that David Howcroft, senior vice-president of sales, sold 22,985 shares at an average price per share of $39 on May 12, reducing his portfolio's position to 9,357 shares.

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There was mixed trading in the following company with both recent buying and selling activity by insiders.

New Flyer Industries Inc. (NFI-T)

On May 15, James Sardo, who sits on the board of directors, sold 5,000 shares, trimming his portfolio's holdings to 20,367 shares. In a relatively small transaction, insider Patrick Scully, executive vice-president at Motor Coach Industries, purchased 370 shares on May 18, increasing his portfolio position to 1,120 shares.

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