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Overview: Sentiment and Stocks
The INK Canadian Insider Index fell 0.9% Monday which nudged the index into negative territory year-to-date, off 0.2%. During the day, the selling was significant with the index off about 5% at one point. During such selloffs, we look to see if insiders view the situation as a buying opportunity. We already have several examples, and today we highlight three of them in companies with either mostly sunny or sunny INK Edge outlooks. While the amounts may not seem large to some readers, we put more emphasis on the context provided by the outlook. Moreover, we suspect very few company insiders have significant piles of cash sitting around to be deployed at a moment's notice. As such, we view the discretionary act of buying as being the most important consideration.
BC-focused natural gas driller Crew Energy (CR) was our top-performing morning report stock in 2021, advancing 321% from first mention on February 1, 2021 to year-end. On Monday, we saw a director buy as the stock traded below $3.00. Sticking with the oil patch, we also saw more insider buying at Whitecap Resources (WCP), last featured here on January 5th after we spotted insider buying. In the mining area, we saw some buying Monday by the VP of Corporate Development and Investor Relations at Filo Mining (FIL). Filo is focused on its 100%-owned Filo del Sol copper-gold-silver deposit in Chile. On January 19th, it released drilling results from hole 54 that returned 1,224 metres at 1.26% copper equivalent from a depth of 146 metres. The results are part of Filo's 2021/2022 drilling program that is a combination of resource definition drilling and step-out holes. A 2019 pre-feasibility study pegged the project at an after-tax NPV of US$1.28 billion using an 8% discount rate along with other assumptions.
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