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Another stock that insiders are loading up on is Inergy ( NRGY), which owns and operates a retail and wholesale propane supply, marketing and distribution business. Insiders probably think this stock is fairly undervalued, with shares off by over 35% so far in 2011.

Inergy has a market cap of $2.86 billion and an enterprise value of $4.70 billion. This stock trades at a premium valuation, since its trailing price-to-earnings is 159.93 and its forward price-to-earnings is 23.52. Their estimated growth rate for this year is 466.7% and for next year it's pegged at 20%. This is far from a cash-rich company, with a total cash position on its balance sheet of $11.5 million and total debt of $1.85 billion. This stock currently has a sizeable dividend yield at 11.8% and is one of the highest-yielding utility stocks.

The president just bought 20,000 shares, or $468,601 worth of stock, between $23.41 to $23.50 per share. The CEO also just bought 10,000 shares, or $233,250 worth of stock, at $23.33 per share.

From a technical standpoint, this stock is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock put in a near-term double top at around $28 a share and subsequently plunged to a recent low of $23.07. There's also some previous support on this stock at $22.14, which so far has held on this recent dive.

If you're bullish on this name, you could be a buyer near current levels at $24 a share with a tight mental stop just below $23.07 or $22.14 a share. If the stock has put in a bottom near-term, then the recent selloff could be a buying opportunity. You could also buy off of strength and get long once the stock trades back above its 50-day moving average of $25.45 on high volume. Look for volume that's close to or well above its three-month average action of 656, 972 shares.

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