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There can be many reasons why insiders might sell their own company's stock: A big personal purchase, such as a house, cash to fund a charity, or many other reasons. Whichever the case is, insiders usually buy shares because they think the stock is a bargain and has upside potential.

When mutual funds or hedge fund managers (and even everyday investors) see a lot of insider activity, it most definitely triggers a reason to take a second look at the company. Recently, the four companies below have seen heavy insider buying:

Energy Transfer Equity, L.P. (NYSE:ETE) is a limited partnership company. The company has two segments: Investment in ETP and Investment in Regency. ETP is operating a diversified portfolio of energy assets. ETP has natural gas operations that include more than 17, 500 miles of gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas.

Regency is engaged in the gathering and processing, contract compression, treating and transportation of natural gas and the transportation, fractionation and storage of NGLs. The current market price is $40.71 with a one-year analyst price target of $46.71. This represents a 14.74% upside potential. ETE has a market cap of $11.40B and an enterprise value of $29.02B. The current EPS is 1.72 with a trailing P/E of 23.67x and forward P/E of 16.03x. If the forward PEG returned to historical form, the stock would trade at $60.68. This stock pays a quarterly dividend of $0.625 amounting to 6.09% yearly.

If this was not intriguing enough news, a director reported buying 154,898 shares on June 28, for $39.41, amounting to roughly $6.1M and also another 85,077 shares at $39.59, totaling another $3.4M. I believe this warrants a second look.

TCF Financial Corporation (NYSE:TCB) is a national bank holding company. TCF's core businesses include Retail Banking, Wholesale Banking and Treasury Services. TCF also conducts commercial leasing and equipment finance business in all 50 states and, to a limited extent, in foreign countries, commercial inventory finance in the United States and Canada, and indirect auto finance business in over 30 states.

The current market price is $11.74 with a one-year analyst price target of $12.23. This represents a 4.17% upside potential. TCB has a market cap of $1.87B and an enterprise value of $4.32B. This stock pays a quarterly dividend of $0.05 amounting to 1.74% yearly. The company's return on equity has been higher than its Industry average for each of the past five years. TCB's forward PEG of 1.6 represents a 46% discount to its 5-year average of 3.0. If the forward PEG returned to historical form, the stock would trade at $21.18.

Perhaps the best news with this company is all of the recent insider trading. Recently directors, the COO, CPO, and EVP have bought up shares since June 25 totaling roughly $7.25M.

First Citizens Banc Corp (NASDAQ:FCZA) is a financial holding company. Through the subsidiary bank, The Citizens Banking Company, it is primarily engaged in the business of community banking.

The current market price is $6.29 with a one-year analyst price target of $6.5. This represents a 5.69% upside potential. FCZA has a market cap of $48.48M and an enterprise value of $59.17M. The current EPS is 0.43 with a trailing P/E of 14.63x and forward P/E of 7.86x. This stock pays a quarterly dividend of $0.03 amounting to 2.03% yearly. This is not much but is in fact better than nothing.

The most interesting news however, was the fact that a director reported buying $5.1M on June 28 and another $516,420 the same day.

Synta Pharmaceuticals Corp. (NASDAQ:SNTA) is a biopharmaceutical company. The company is focused on discovering, developing, and commercializing small molecule drugs to serve the medical conditions of patients with cancer and inflammatory diseases.

The current market price is $5.77 with a one-year analyst price target of $9.83. This represents a 70.36% upside potential. SNTA's current quarter consensus estimate has decreased over the past 90 days from -0.25 to -0.27, a loss of -5.6%.

Consensus estimates for the Diversified Pharmaceuticals Industry have moved an average -2.0% during the same time period. Despite the grim earnings estimate, over the past 90 days, the consensus price target for SNTA has increased notably from$ 7.40 to $9.83, a gain of 32.8%. Also, the company's return on equity is at its five-year high and Synta's days sales in receivables of 2.8 is substantially shorter than the Diversified Pharmaceuticals Industry average of 54.2.

If this was not intriguing enough news, a director reported buying 910,000 shares on June 29, for $5.45, amounting to roughly $4.9M. Another director too bought 150,000 shares at $5.35 amounting to $801,900.

Source: 4 Stocks With Heavy Insider Buying