Anadarko Petroleum Corporation (APC)

[eFinanceMarkets]

Anadarko CEO share buy should spark some confidence, analyst says

Big stock purchases by Anadarko Petroleum (APC +0.6%) CEO Al Walker and board director Peter Fluor (I, II) should instill some confidence in the market, as APC shares have plunged 14% since April 26 following the Colorado home explosion incident near one of its old wells, Wells Fargo analyst David Tameron writes.

Walker and Fluor each bought ~$1M worth of stock, which sends a signal to investors "looking for a floor or perhaps looking to step in after the selloff," Tameron writes.

APC yesterday said it would permanently disconnect all underground gas lines for the 3K-plus vertical wells it owns and operates in northeastern Colorado's DJ Basin, in response to the fatal home blast.