The share price of oil sands producer MEG Energy Corp. (Friday’s close $2.42) is down more than 50 per cent over the past year. Insiders now seem to be betting that the lows could be in. In fact, they have spent $616,924 picking up common shares in the public market since third-quarter results were announced. From Oct. 29 to Nov. 3, four insiders bought a total of 263,000 shares at an average price of $2.35. Most of the buying was from chief executive Derek Evans, who added 220,000 shares at an average price of $2.34.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
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