There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on April 2, Basic Energy Services Inc's CEO, Thomas Monroe Patterson, invested $15,129.00 into 2,000 shares of BAS, for a cost per share of $7.56. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.In trading on Wednesday, bargain hunters could buy shares of Basic Energy Services Inc ( BAS) and achieve a cost basis 1.9% cheaper than Patterson, with shares changing hands as low as $7.42 per share. Basic Energy Services Inc shares are currently trading off about 3.6% on the day. The chart below shows the one year performance of BAS shares, versus its 200 day moving average: Looking at the chart above, BAS's low point in its 52 week range is $5.00 per share, with $29.84 as the 52 week high point — that compares with a last trade of $7.43. By comparison, below is a table showing the prices at which BAS insider buying was recorded over the last six months:
|12/31/2014||Thomas Moore Jr.||Director||10,000||$7.13||$71,299.36|
|03/18/2015||Steven A. Webster||Director||6,900||$5.30||$36,603.12|
|04/02/2015||Thomas Monroe Patterson||President and CEO||2,000||$7.56||$15,129.00|
According to the ETF Finder at ETF Channel, BAS makes up 1.20% of the Guggenheim S&P SmallCap 600 Pure Value ETF ( RZV) which is trading relatively unchanged on the day Wednesday.