A key insider has loaded up on a massive amount of stock in Hess ( HES), a global integrated energy company that operates in two segments: exploration and production, and marketing and refining. Insiders are clearly finding some value here, with shares down by over 22% so far in 2011. Hess has a market cap of $20 billion and an enterprise value of $23.6 billion. The stock currently trades at an extremely cheap valuation, with a trailing price-to-earnings ratio of 7.1 and a forward price-to-earnings of 7.5. Hess' estimated growth rate for this year is 38.4%, and for next year it's 9.1%. This is not a cash-rich company -- the total cash position on its balance sheet is $2.19 billion, and its total debt is over $5.5 billion. The CEO and chairman of the board just bought 174,950 shares, or about $10 million worth of stock, at $57.17 per share. A director at the company also recently purchased 10,000 shares, or $548,700 worth of stock, at $54.87 per share. From a technical standpoint, this stock is currently significantly below both its 50-day and 200-day moving average, which is bearish. The stock has been stuck in a nasty downtrend since May, with shares printing lower highs and lower lows on a regular basis. That said, the chart is starting to show some signs of a bullish reversal and an end to that downtrend. In just the last two months, shares of HES have started to make higher lows on increasing upside volume, which is bullish. One way to buy this stock is to purchase it on any significant weakness with a stop just below that nearest support level at $55.36 a share. Another strategy you could use is to buy it once it breaks out above some near-term overhead resistance at $60.92 a share on higher-than-average volume. I would add to either position only after the stock trades above its 50-day moving average of $63.47 on strong volume. Hess shows up in the portfolio of T. Boone Pickens' BP Capital and is also one of the top holdings of Steven Cohen's SAC Capital.