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An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014.TODD KOROL/Reuters

Featured below are companies that have experienced recent insider trading 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 three companies with recent insider buying activity.

Aurinia Pharmaceuticals Inc. (AUP-T)

On Oct. 24, Bradley Dickerson, general manager – Americas and global commercial lead, bought 5,000 shares at an average cost per share of $5.82 (U.S.), initiating a portfolio position.

That same day, the company's vice-president of corporate and public affairs Celia Economides purchased 1,750 shares at an average price per share of $5.6869 (U.S.), raising the portfolio's position to 9,150 shares.

Pine Cliff Energy Ltd. (PNE-T)

On Oct. 24, Robert Disbrow, with an ownership position of over 10 per cent, purchased a total of 100,000 shares across two accounts at an average price per share of 50 cents.

Painted Pony Energy Ltd. (PONY-T)

In a relatively small transaction, Chief Operating Officer Rick Kessy bought 10,000 shares at an average cost per share of $2.75 on Oct. 24, lifting his account's holdings to 30,000 shares.

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The following two companies have had recent insider selling activity.

Canabo Medical Inc. (CMM-X)

Between Oct. 16 and Oct. 24, Alistair MacLennan, who sits on the board of directors, reportedly sold a total of 65,000 shares at an average price per share around the 40 cents level, trimming his portfolio's position to 300,940 shares.

NovaGold Resources Inc. (NG-T)

On Oct. 27, David Deisley the company's executive vice-president and general counsel, exercised his options and sold the corresponding number of shares (100,000) at an average price per share around the $5.29 level, leaving an account balance of 715,062 shares.

Earlier this week, we identified three other insiders as sellers in the market on Oct. 26.

President and Chief Executive Officer Gregory Lang exercised his options, receiving 100,000 shares, and sold 89,974 shares around the $5.27 per share level, reducing his large portfolio position to 1,291,774 shares.

Mélanie Hennessey, vice-president – corporate communications, exercised her options and sold the corresponding number of shares (100,000) at an average price per share of $5.28, leaving 332,404 shares in her portfolio.

Gillyeard Leathley, who sits on the board of directors, sold 3,000 shares at an average price per share of $5.25, paring his account's holdings to 49,486 shares.