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A major market correction has created much lower stock prices, and many insiders are taking advantage of this opportunity. The amount of insider buying has been surging in the last few weeks. When you see insiders buying at depressed prices, it often means the shares are oversold and offer great long term value. The stocks below are in the energy sector and have dropped with the price of oil.

Long term investors should consider this to be a great buying opportunity, especially when insiders commit their own cash to buy shares. I have provided links for each stock which verifies the insider buying filed with the SEC below. Here are the stocks:

Apache Corporation (NYSE:APA) shares are trading at $94.73. APA is a oil and gas company, based in Texas. These shares have a 52 week range of $73.04 and $134.13. The 50-day moving average is $92.98, and the 200-day moving average is $114.37. Earnings estimates for APA are at $11.82 in 2011, and $12.63 in 2012. APA pays a dividend of 60 cents per share which yields .7%. A director recently bought 2,000 shares, which is worth about $180,000. Other insiders have been buying recently as well. See the insider buying here.

Exco Resources, Inc. (NYSE:XCO) is trading around $11.98. Exco is an onshore North American oil and natural gas properties, and is based in New York. These shares have traded in a range between $9.33 to $21.04 in the last 52 weeks. XCO is estimated to earn about 72 cents per share in 2011, and $1.06 in 2012. XCO pays a dividend of 16 cents per share which is equivalent to a 1.2% yield. The book value is stated at $7.69. Billionaire Wilbur Ross recently bought over $10 million worth of this stock. You can see the repeated insider buying here.

Crimson Exploration (NASDAQ:CXPO) is trading at $2.62. Crimson is a independent oil and gas company, based in Texas. These shares have traded in a range between $2 to $4.73 in the last 52 weeks. The 50-day moving average is $2.56 and the 200-day moving average is $3.50. CXPO is estimated to lose about 14 cents per share in 2011 and earn 7 cents in 2012. The book value is stated at $3.83. One insider has been buying repeatedly and has purchased over 40,000 shares in the past few weeks, see that here.

Energy XXI (NASDAQ:EXXI) is trading around $28.37. Energy XXI is a independent oil and gas company, based in Bermuda. These shares have traded in a range between $18.79 to $37.20 in the last 52 weeks. The 50-day moving average is $24.68 and the 200-day moving average is $30.20. EXXI is estimated to earn about $2.55 per share in 2011 and $3.52 in 2012. Analysts see earnings estimates for EXXI jumping to $3.52 in 2012, as new wells come into play and rising energy prices boost profit margins. Also, this company should benefit as waiting times and regulations for drilling permits in the Gulf of Mexico improve. An officer recently bought 2,500 shares.

Magnum Hunter Resources (NYSE:MHR) is trading around $4.35. Magnum is a independent oil and gas company, based in Texas. These shares have traded in a range between $2.33 to $8.66 in the last 52 weeks. The 50-day moving average is $4.12 and the 200-day moving average is $6.32. MHR is estimated to lose about 6 cents per share in 2011 and earn about 16 cents in 2012. Magnum controls about 46,000 acres in the Marcellus Shale region as well as exposure to the Eagle Ford and Bakken. A director recently bought 6,000 shares, and an officer bought 18,000 shares.

Chesapeake Energy (NYSE:CHK) is trading around $27.81. Chesapeake Energy is a major independent oil and gas company, based in Oklahoma. Chesapeake has several shale plays: Barnett Shale in the Fort Worth Basin of north-central Texas, Haynesville and Bossier Shales in Louisiana and east Texas, Fayetteville Shale in Arkansas, Marcellus Shale in West Virginia, Pennsylvania, and New York and the Eagle Ford Shale in Texas. These shares have traded in a range between $20.97 to $35.95 in the last 52 weeks. The 50-day moving average is $29.02 and the 200-day moving average is $30.54. CHK is estimated to earn about $2.82 per share in 2011, and $2.64 in 2012. The CFO recently bought 5,000 shares. You can see the insider buying here.

The data is sourced from Yahoo Finance and Insidercow.com. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes only.

Source: 6 Oil Stocks With Heavy Insider Buying