Insider Purchase at Forbes Energy Services Ltd. (FES): Excel Steel Inc. Buys 2,428 Shares

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One of Forbes Energy Services Ltd. (NASDAQ:FES)’s largest shareholders, Excel Steel Inc., purchased 2,428 shares of Common Stock yesterday, paying a price of $4.50 per share. And although this purchase alone is not very significant in volume, it remains part of an acquisition trend set by the shareholder throughout the last week of June. Excel Steel made two other larger share purchases last Friday, one of 13,874 shares and another of 97,700 shares, paying a price of $4.50 in each case. With the acquisitions completed, the shareholder now owns a total of 3.749 million shares of the $100.7 million market cap oilfield services contractor.

Furthermore, June also reported some significant insider sales, executed mainly by the company’s Executive Vice President and Chief Operating Officer, Charles Forbes. Ten days ago, Forbes completed his largest stock sale of the fiscal year, unloading 139,961 shares of Common Stock for a price of $4.30 per share. His largest disposition until then had been of 12,018 shares, sold in the previous week.

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