The Canadian stocks we’ve discovered have seen significant dollar insider buying recently
SmallCapPower | November 9, 2020: Insiders are defined as company management or individuals or institutions that own more than 10% of a company’s shares. When insiders buy their Company’s stock it shows confidence in the future of its business. Today we have filtered through and found three Canadian stocks with significant dollar insider buying during the past two weeks.
*Returns are based on closing stock prices as of November 6, 2020
Cominar Real Estate Investment Trust (TSX:CUF.UN) – $7.85
Cominar REIT is the largest commercial property owner in the Province of Québec, with a portfolio consisting of 314 office, retail and industrial properties, totalling 35.8 million square feet located in the Montreal, Québec City and Ottawa areas. The Company said its third-quarter 2020 rent collection improved to 95.6% compared to 89.7% for Q2. On October 30, 2020, Sime Armoyan, who owns more than 10% of Cominar, invested over $3.8 million in Cominar units at a price of $7.1173 per unit. CUF.UN has a current dividend yield of 4.6%.
- One-Year Return: – 32%
MEG Energy Corp. (TSX:MEG) – $2.42
MEG Energy is a Canadian energy company focused on in situ-thermal oil production in the southern Athabasca region of Alberta. MEG Energy is somewhat protected by the fact that 55% of its 2020 production is hedged at a West Texas Intermediate (WTI) oil price of $59 per barrel. With an expected normalization of the oil price during 2021, MEG could generate $700 million of free cash flow on 33 years of proved reserves. Between October 29 and November 3, 2020, MEG CEO and director Derek Evans acquired more than $515,000 of Company stock at an average cost of approximately $2.34 per share. MEG stock has a current dividend yield of 2.5%.
- One-Year Return: – 54%
OceanaGold Corporation (TSX:OGC) – $1.89
OceanaGold is a mid-tier, multinational gold producer with assets that include the Didipio Gold-Copper Mine in the Philippines, the Waihi Gold Mine and Macraes Goldfield mines in New Zealand, and the Haile Gold Mine in the U.S. state of South Carolina. On October 30, 2020, Company director Craig Nelsen purchased more than $188,000 worth of OceanaGold shares at an average price of about $1.71 per share. On the same day, Chairman Ian Reid acquired a total of 100,000 shares.
- One-Year Return: – 34%
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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