An oil and gas stock that insiders are loading up on here is Murphy Oil ( MUR), a worldwide oil and gas exploration and production firm with refining and marketing operations in the U.S. and the United Kingdom. Insiders are buying this stock into modest strength, since shares are up 8.7% during the last three months.Murphy Oil has a market cap of $11.7 billion and an enterprise value $12.9 billion. This stock trades at a cheap valuation, with a trailing price-to-earnings of 12.20 and a forward price-to-earnings of 9.58. Its estimated growth rate for this year is 13.8%, 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 $947.32 million and its total debt is $2.25 billion. A director just bought 20,000 shares, or about $1.21 million worth of stock, at $60.86 per share. From a technical perspective, MUR is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last four months, with shares moving higher from its low of $54.07 to its recent high of $63.77 a share. During that uptrend, shares of MUR have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of MUR within range of triggering a near-term breakout trade. Traders should now look for long-biased trades in MUR as long as it's trending above its 50-day at $60.52 and then once it breaks out above some near-term overhead resistance levels at $62.48 to $63.77 a share and then above some past resistance at $64.72 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 1.81 million shares. If that breakout hits soon, then MUR will set up to re-test or possibly take out its next major overhead resistance level at $71.71 a share.