Another stock that insiders are jumping into here is Contango Oil & Gas ( MCF), explores, develops, produces and acquires natural gas and oil properties mainly offshore in the Gulf of Mexico. Insiders are buying this stock into some notable weakness here, since shares are down by 16% in the last six months. >>9 Oil Stocks With Hot Prospects Contango Oil & Gas has a market cap of $769.34 million and an enterprise value of $646.87 million. This stock trades at a fair valuation, with a price-to-sales of 4.43 and a price-to-book of 1.67. This is a cash-rich company, since the total cash position on its balance sheet is $129.98 million and its total debt is zero. The CEO and president just bought 46,014 shares, or about $2.27 million worth of stock, at $49.08 per share. From a technical perspective, MCF is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock was hammered by the sellers during the last two months, with shares dropping from $61 to its recent low of $48.83 a share. During that sharp move lower, shares of MCF have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of MCF have now entered oversold territory, since its current relative strength index reading is 35.93. If you're in the bull camp on MCF, then I would look for long-biased trades once it manages to break out above some near-term overhead resistance at $52 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 81,857 shares. If that breakout triggers soon, then MCF could bounce off oversold levels back towards its 50-day moving average of $55.80 a share.