Amid All the Selling, Some Buying

While insider selling has reached new highs this year -- particularly among the executives of Internet and technology firms -- one sector of the market has actually seen a fair amount of insider buying: energy companies.

With the exception of oil services insiders, energy-sector execs have been among the year's most steadfast supporters of their companies' shares, and of those, the most active have been those in the natural gas industry. For example, at Southern Union (SUG Quote), seven insiders have acquired more than 150,000 shares since March. At prices ranging from 13 to as high as 16 3/4, that's an investment of more than $2 million.

Don't expect such flamboyance as a rule. Energy industry insiders are notoriously discreet. At Piedmont Natural Gas (PNY Quote), five insiders picked up a more modest 19,000 shares in late February and March in the 24 to 25 range. Even more mild-mannered, four insiders recently picked up 3,835 shares of Northwest Natural Gas (NWNG Quote) at around 20. Finally, along the same lines, three Peoples Energy (PGL Quote) insiders purchased 3,348 shares in the mid-to-high 20s. ...