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Thursday’s Insider Report: Companies insiders are buying and selling

A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alberta, June 30, 2009.

© Todd Korol / Reuters/Todd Korol/REUTERS

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over.

The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security.

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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 featuring a company that has had recent insider buying activity.

Big Rock Brewery Inc. (BR-T)

From Nov. 24 through Nov. 30, P. Donnell Noone, who sits on the board of directors, purchased a total of 26,200 shares at an average price per share just above the $5 (U.S.) level, increasing the account's holdings to 1,442,800 shares.

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The following three companies have had recent insider selling activity.

Canadian Natural Resources Ltd. (CNQ-T)

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On Nov. 24, Darren Fichter, Executive Vice-President – Canadian Conventional, exercised his options and sold the corresponding number of shares (5,000) at an average price per share of $44.18, trimming his portfolio's position to 46,998 shares.

Last month, we reported sales by three management executives.

On Nov. 10, Executive Chairman Murray Edwards sold 113,014 shares at an average price per share of $46.3215. The previous day, he unloaded 50,000 shares at an average price per share of $46.2001. His portfolio balance after these two sales remained significant holding over 21.2-million shares.

On Nov. 10, the company's Chief Operating Officer Tim McKay exercised his options and sold the corresponding number of shares (80,000 in total) at an average price per share above the $46 level, leaving 1,152,284 shares in his account.

On Nov. 10, Scott Stauth, Executive Vice-President of Canadian Field Operations, exercised his options and sold the corresponding number of shares (47,500 in total), taking his portfolio's position down to 31,954 shares.

Emera Inc. (EMA-T)

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On Nov. 28, Rob Bennett, President and Chief Executive Officer of Emera US Holdings, sold a total of 2,389 shares at an average price per share around the $48.63 level, reducing his account's position to 2,594 shares.

On Nov. 24, Bob Hanf, Executive Vice-President – Stakeholder Relations and Regulatory Affairs, exercised his options and sold the corresponding number of shares (20,775) at an average price per share of $48.50, leaving 7,132 shares in his portfolio.

Russel Metals Inc. (RUS-T)

On Dec. 1, Chief Financial Officer Marion Britton sold 5,300 shares at an average price per share of $28.90. Prior to that, she divested 20,000 shares on Nov. 30. She exercised her options and received 25,000 shares in her account on Dec. 5, lifting her account's closing balance to 113,826 shares.

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About the Author
Equities analyst

Jennifer Dowty has been an investment reporter and equities analyst at The Globe and Mail since 2015. Prior to joining The Globe and Mail, she worked for approximately 18 years in the financial industry, of which nearly 14 years were at Manulife Asset Management. More

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