Inter Pipeline Ltd. stock has dropped about 5 per cent over the past three months. In contrarian fashion, insiders spent $792,312 picking up shares in the public market over the period. Most recently, on May 17, vice-president of oil sands pipeline development Cory Neufeld bought 2,000 shares at an average price of $26.60. Inter Pipeline appears part of a broader insider move to hedge their bets with defensive interest-sensitive stocks. For example, in the semi-annual spring rebalancing of the INK Canadian Insider Index, the allocation to utilities rose to 4 per cent from 0 per cent.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.