Weak natural gas prices in July took their toll on the share price of Tourmaline Oil Corp. TOU-T, which dropped 11.7 per cent last month. After the insider trading window opened following the release of second-quarter earnings on July 30, Tourmaline insiders started buying the dip.
Between Aug. 1-5, six company insiders spent almost $2.2-million in total buying shares in the public market. The 37,805 shares were purchased at an average price of $57.89. CEO Mike Rose was the biggest buyer, picking 25,000 shares between $57.37 and $58.36.
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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.