In January, we reported that then-Suncor Energy Inc. chief executive officer Steve Williams was buying in late December. Those purchases coincided closely with a turning point for the stock and the broad market.
Although Suncor has weakened recently, it has not traded below its 2018 Christmas Eve low. Meanwhile, new CEO Mark Little has been buying on the pullback, spending $391,432 buying shares on Aug. 19. Another insider also bought in early August. Insider buying at the energy giant suggests to us that investor oil patch gloom is again overdone.
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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.
Ted Dixon