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 December 30, Resolute Energy Corp's Director, Gary Hultquist, invested $81,398.00 into 2,000 shares of REN, for a cost per share of $40.70. 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.

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In trading on Wednesday, bargain hunters could buy shares of Resolute Energy Corp ( REN) and achieve a cost basis even cheaper than Hultquist, with shares changing hands as low as $40.33 per share. Resolute Energy Corp shares are currently trading down about 2% on the day. The chart below shows the one year performance of REN shares, versus its 200 day moving average:

Resolute Energy Corp Chart

Looking at the chart above, REN's low point in its 52 week range is $2.25 per share, with $43.12 as the 52 week high point — that compares with a last trade of $40.28. By comparison, below is a table showing the prices at which REN insider buying was recorded over the last six months:

Purchased Insider Title Shares Price/Share Value
12/30/2016 Gary Hultquist Director 2,000 $40.70 $81,398.00

According to the ETF Finder at ETF Channel, REN makes up 1.76% of the SPDR S&P Oil & Gas Exploration & Production ETF ( XOP) which is trading lower by about 0.8% on the day Wednesday.