Land This Bargain Energy Stock Even Cheaper Than Chief Executive Officer Franklin Did
There’s an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 8, Essential Utilities Inc’s Chief Executive Officer, Chris Franklin, invested £1,515,871.50 into 37,245 shares of WTRG, for a cost per share of £40.70. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Thursday, bargain hunters could buy shares of Essential Utilities Inc (Symbol: WTRG) and achieve a cost basis even cheaper than Franklin, with shares changing hands as low as £40.58 per share. Essential Utilities Inc shares are currently trading off about 0.6% on the day. The chart below shows the one year performance of WTRG shares, versus its 200 day moving average:
Looking at the chart above, WTRG’s low point in its 52 week range is £38.50 per share, with £52.62 as the 52 week high point — that compares with a last trade of £40.76.
By comparison, below is a table showing the prices at which WTRG insider buying was recorded over the last six months:
| 03/08/2023 | Chris Franklin | Chief Executive Officer | 37,245 | £40.70 | £1,515,871.50 |
Click here to find out which 9 other energy stock bargains you can buy cheaper than insiders >>
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