The last name to look at with notable insider buying is oil and gas operations player Hess ( HES). This is a global integrated energy company that operates in two segments: exploration and production (E&P) and marketing and refining (M&R). Insiders are dipping into this stock into some decent weakness since shares are off by 19% so far in 2012. Hess has a market cap of $15.4 billion and an enterprise value of $22.14 billion. This stock trades at a cheap valuation, with a trailing price-to-earnings of 11.81 and a forward price-to-earnings of 6. Its estimated growth rate for this year is 9.5%, and for next year it's pegged at 18.5%. This is not a cash-rich company, since the total cash position on its balance sheet is $396 million and its total debt is a whopping $6.98 billion. A director just bought 20,000 shares, or about $916,000 worth of stock, at $45.79 per share. From a technical perspective, HES is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock has been downtrending hard for the last three months, with shares plunging from a high of $67.75 to a recent low of $44.10 a share. During that move lower, shares of HES have consistently made lower highs and lower lows, which is bearish technical price action. That move has now pushed HES into oversold territory since its current relative strength index reading is 31.54. If you're bullish on HES, one could look for an oversold snapback bounce in this stock as long as it holds that recent low of $44.10 a share. Look for any upside strength above Tuesday's high of $46.88 a share with volume that's near or above its three-month average action of 4,768,490 shares. If we get that action, then look for HES to take out $50 to $52 a share and possibly bounce towards its 50-day moving average of $54.60 a share. I would avoid this stock or look for short-biased trades if that bounce never materializes, and then HES takes out $44.10 with heavy volume. A high-volume move below $44.10 would push this stock into new 52-week low territory and likely lead to lower prices. To see more stocks with notable insider buying, including MagicJack VocalTec ( CALL), Basic Energy Services ( BAS) and Northeast Bancorp ( NBN), check out the Stocks With Big Insider Buying portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.