Crude Moves: Oil Execs Fill Up on Their Own Stock
Executives at top Canadian oil and gas firms are buying millions in stock—signaling conviction, confidence, and a rare window for investors.
In a sharp and unexpected turn, insider buying in the Canadian oil and gas sector has soared to levels not seen in half a decade. According to data tallied by BMO Capital Markets, executives and board members have poured over $54 million into their own companies in just the past 90 days. That’s not a typo—that’s conviction.
The message is loud and clear: the people who know these companies best believe the current share prices are a bargain. They’re not just talking—they’re putting real money on the line. And for outside investors looking for signals amid the noise of market volatility, this is about as strong as it gets.
Energy stocks in Canada have had a rough ride lately, caught in a whirlwind of global uncertainty. U.S. President Donald Trump’s newly imposed trade tariffs have left Canadian producers with more questions than answers. Add in broader concerns over weakening global demand, and you have a recipe for investor skittishness. Yet amid this uncertainty, insiders are making their move. They’re buying at levels BMO analyst Jeremy McCrea says are “some of the highest we’ve seen over the past five years.”
That kind of insider confidence doesn’t come often—and it almost never comes during chaos. While there are plenty of reasons insiders might sell stock—tax bills, personal expenses, or compensation packages tied to vesting schedules—there’s typically only one reason they buy: belief in the future of their company. As McCrea points out, this belief can be incredibly reassuring for retail and institutional investors alike. It suggests there are no skeletons in the closet, no looming catastrophes. Instead, it hints at opportunity.
Among the most aggressive buyers are the CEOs of PrairieSky Royalty, Whitecap Resources, and Tourmaline Oil. PrairieSky’s chief executive made one of his largest ever personal bets on the company, scooping up 72,000 shares for about $1.68 million at an average of $23.40 a share. With the stock now slightly below that price, retail investors are being handed a rare chance to buy in right alongside the top brass—at a discount.
Tourmaline CEO Mike Rose also made waves, adding $2.21 million worth of shares to his position. Notably, Rose has been a consistent buyer for years, a long-term show of confidence in the business he leads. This isn’t a one-off headline grab—it’s a pattern. And in investing, patterns matter.
Then there’s Whitecap’s Grant Fagerheim, who just dropped $1.34 million on company stock shortly after finalizing a merger with Veren. It’s one of the biggest quarterly buys he’s made since becoming CEO in 2009. Mergers often create uncertainty, but Fagerheim’s move sends a clear message: he’s not only confident in the deal—he’s doubling down.
Zooming out, the insider action goes even deeper. Obsidian Energy insiders snapped up $16.8 million worth of stock. Peyto Exploration & Development followed with $10.1 million. Strathcona Resources added $7.2 million to the insider tally. This isn’t a story about one or two executives—it’s a sector-wide surge.
And it comes at a fascinating time. Canada remains the world’s fourth-largest oil producer and holds the third-largest proven reserves on the planet. Yet the sector is often overlooked by growth-hungry investors in favor of flashier tech names or the latest AI play. But while the spotlight was elsewhere, these companies have been quietly strengthening their balance sheets, generating cash, and now—drawing their own leaders back in as buyers.
What does this mean for investors on the sidelines? It means the window of opportunity may be opening. While oil prices remain volatile and geopolitical risks are real, these insider buys suggest a belief that Canadian oil and gas is undervalued. And if you believe in following the smart money, it doesn’t get smarter than the people running the show.
In a time of uncertainty, confidence is currency. And right now, Canadian oil and gas executives are spending theirs like they know something the rest of the market doesn’t.