Insider Trades: Directors bought these 9 ASX stocks last week
Greenvale Energy and Melbana Energy shares have roughly halved in recent months. And insiders are buying into this weakness.
Source: iStock
Mentioned
KEY POINTS
- Large cap insider transactions have ceased due to approaching August reporting season blackout periods
- Greenvale Energy's chairman buys shares after a 40% one-day selloff
- Melbana Energy sees multiple director purchases following a 50% share price decline over the past two months
Welcome back to the Insider Trades Series – A weekly summary of on-market ASX director transactions valued at more than $10,000. As we approach August reporting season, expect a decrease in large cap transaction due to company trading policies/blackout periods.
These blackout periods typically begin several weeks before the financial results are released and continue until shortly after the announcement. During this time, most transactions will likely be limited to small and mid-cap stocks.
The below trades have all taken place between 12 and 17 June 2024. Directors have up to 5 business days to notify the ASX of their trades.
Top ASX Insider Buys
Code | Company | Date | Director | Type | Value |
|---|---|---|---|---|---|
Greenvale Energy | 15/07/24 | Buy | $113,161 | ||
Melbana Energy | 12/07/24 | Buy | $100,611 | ||
Liontown Resources | 16/07/24 | Buy | $53,350 | ||
Minrex Resources | 17/07/24 | Buy | $50,000 | ||
Galan Lithium | 15/07/24 | Buy | $32,176 | ||
Gold Mountain | 12/07/24 | Buy | $30,000 | ||
Southern Hemisphere Mining | 12/07/24 | Buy | $30,000 | ||
Solis Minerals | 12/07/24 | Buy | $29,200 | ||
Melbana Energy | 12/07/24 | Buy | $24,000 | ||
Melbana Energy | 12/07/24 | Buy | $23,000 | ||
Bass Oil | 17/07/24 | Buy | $18,773 | ||
Liontown Resources | 17/07/24 | Buy | $9,898 |
Greenvale Energy is exploring early-stage, high-value bitumen and helium assets in Australia. Its Alpha Torbanite Project, one of only two known torbanite deposits in the country, has the potential to become a key domestic source of bitumen, as Australia currently imports almost all of its supply. The stock experienced a 40% one-day selloff on June 7 after issuing 18.5 million shares to Pioneer Resources Partners at a 36% discount to its last traded price, as partial repayment of its loan facility. Additionally, the company announced a share purchase plan at a 41% discount. Despite this less-than-ideal raise, Non-Executive Chairman Neil Biddle has bought into recent weakness, with a parcel of around 3.7 million shares at 3 cents a piece.
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Greenvale Energy 12-month price chart (Source: Market Index)
Melbana Energy has seen three separate insider buys following the stock's approximate 50% decline since May, due to a series of disappointing drilling and well appraisal updates. Non-Executive Director Michael Sandy acquired 1 million shares ($24,000), Non-Executive Director Peter Strickland purchased 1 million shares ($23,000), and Executive Chairman Andrew Purcell bought 4.5 million shares ($100,600). The stock hasn't traded at this 2-cent level since January 2022.
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Melbana Energy 12-month price chart (Source: Market Index)
Liontown recently saw two Non-Executive Directors acquire parcels worth $63,100 at around 97 cents per share. On June 15, the company announced a 100,000-tonne offtake agreement with Beijing Sinomine International Trade for ramp-up volumes commencing before September 30, 2024. Citi analysts view this offtake positively, citing de-risking factors, conviction for first production by end-July, and possible implications for African supply given Sinomine's sources. However, they maintain a Neutral rating with a $1.00 target due to a lack of short-term catalysts.
