Robert Blue, President and CEO of Dominion Energy (D) recently picked up 14,402 shares. The buy came to $1 million. He was joined by director Mark Kington, who bought 2,000 shares a day later.
Insiders have largely been sellers of shares in prior months. However, the share price has now slid over 20 percent from its peak, and this may be the start of a new policy of insiders taking advantage of volatile moves in the market.
Shares of the utility giant have traded around $68, a multi-month low and well off the recent high of $84. Overall, shares are still down about 20 percent over the past year.
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Action to take: Earnings and revenue are off at the utility, making it currently unprofitable. However, a recovering economy is likely to send shares higher in time. The company already reduced its dividend payment, so buyers today are getting a 3.6 percent yield with a chance for a jump when the company returns to profitability.
For traders, it may be prudent to wait for a new uptrend in the space. Right now, shares have gotten near oversold levels on a technical basis, but have yet to get fully oversold, suggesting some more downside.
The July 2021 $70 calls seem to have some upside. Last trading for about $3.20, they could get into the mid-$2 range in the coming sessions if the market remains volatile. Look for that better pricing as a buying opportunity.