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One energy player that insiders are jumping into big here is
EV Energy Partner LP (
EVEP), which is engaged in the development and production of oil and natural gas properties. Insiders are buying this stock into big weakness, since shares are down by 33% so far in 2013.
EV Energy Partner LP has a market cap of $1.6 billion and an enterprise value of $2.5 billion. This stock trades at a cheap valuation, with a forward price-to-earnings of 25.67. Its estimated growth rate for this year is 155.3%, and for next year it's pegged at 595.2%. This is not a cash-rich company, since the total cash position on its balance sheet is $8.28 million and its total debt is $1.02 billion. This stock currently sports a dividend yield of 8.4%.
The chairman of the board just
bought 135,000 shares, or about $4.97 million worth of stock, at $36.86 per share. The CEO also just
bought 15,000 shares, or about $552,000 worth of stock, at $36.86 per share.
From a technical perspective, EVEP is currently trending above its 50-day moving average and well below its 200-day moving average, which is neutral trendwise. This stock has been trending sideways and consolidating over the last two months and change, with shares moving between $34.01 on the downside and $39.74 on the upside. Shares of EVEP have just started to trend back above its 50-day moving average, and it's quickly moving within range of triggering a breakout trade above the upper-end of its sideways chart pattern.
If you're bullish on EVEP, then look for long-biased trades as long as this stock is trending above some key near-term support levels at $36.55 or at $35.60 and then once it breaks out above some near-term overhead resistance levels at $38.94 to $39.74 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 254,366 shares. If that breakout triggers soon, then EVEP will set up to re-test or possibly take out its next major overhead resistance levels at $42 to $42.50, or even its 200-day moving average of $43.29 a share.
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