Hess Board Member Buys 7K Shares, Now Owns $3.2M in Hess Stock

all inWe occasionally bring you news of when senior management or members of the board of directors for an upstream (drillers) or midstream (pipelines) company either buy or sell shares of stock in their own company. It’s called “insider trading.” There are good reasons to do both–buy or sell. But let’s be honest, if you see upper management/board members repeatedly selling their shares of stock, it just doesn’t look good (see Carrizo Oil & Gas “Insiders” Continue to Sell Company Stock). When you notice someone buying their own company’s stock, and spending hundreds of thousands of dollars, it just kind of inspires confidence that, “Hey, if they believe in the company that strongly, maybe I should too.” Such is the case with a recent purchase by John H. Mullin III, a member of the board of directors at Hess, which drills in the Utica Shale. Mullin just bought 7,000 shares of Hess for $381,430. That brings Mullin’s total holdings of Hess stock to $3.2 million. One might say Director Mullin is “all in” when it comes to the company he helps direct…

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