Insider buying remains one of the most reliable indicators of management confidence, especially in a market where valuation spreads between sectors continue to widen. When executives or directors purchase shares with their own capital, they are signaling conviction in future cash flows, operational momentum, or undervaluation. Across the TSX, several companies have recently recorded meaningful insider accumulation—often at prices that suggest insiders see upside ahead.
1. Cenovus Energy (TSX:CVE) — Share Price: CAD $26.05 • Market Cap: CAD $47.27B
Cenovus has seen notable insider accumulation, including CEO Jon McKenzie purchasing 100,000 shares at approximately $20.77 and CFO Karamjit Sandhar buying 10,000 shares at $20.76. These are substantial open‑market purchases for a company of Cenovus’s scale, signaling strong internal conviction in the firm’s long‑term free‑cash‑flow trajectory. With a trailing P/E ratio of 13.34 and a 52‑week range that has tightened alongside oil‑price stability, insiders appear to be leaning into valuation compression.
Relative to peers such as Suncor and Canadian Natural Resources, Cenovus trades at a discount on EV/EBITDA and forward cash‑flow metrics. Its integrated model—combining oil sands production with refining—provides margin stability that many pure‑play producers lack. Insider buying at these levels suggests management believes the market is undervaluing Cenovus’s multi‑year cash‑flow runway.
2. Gibson Energy (TSX:GEI) — Share Price: CAD $25.88 • Market Cap: CAD $4.24B
Gibson Energy has recorded a cluster of insider purchases, including CEO Curtis Philippon buying 25,000 shares at $21.20 and CFO Riley Hicks acquiring 8,900 shares at $21.10. Hicks’s purchase increased his personal holdings by 84%, while director Douglas Bloom boosted his stake by 132%, indicating unusually strong insider alignment for a mid‑cap energy infrastructure company.
Gibson trades at a P/E ratio of 28.03 on revenue of $10.74B, a premium to pipeline peers like Pembina and Enbridge. However, its storage‑ and logistics‑heavy business model typically commands higher multiples due to lower commodity exposure. Insider accumulation at these levels suggests management expects continued EBITDA growth from long‑term contracts and U.S. infrastructure expansion.
3. Birchcliff Energy (TSX:BIR) — Share Price: CAD $6.87 • Market Cap: CAD ~$1.88B
Birchcliff has seen a steady stream of insider buying across multiple executives. Recent transactions include CEO Christopher Andrew Carlsen purchasing 2,080 shares at $7.22, COO Theo Van Der Werken buying 4,014 shares at $7.15, CFO Bruno Geremia acquiring 3,000 shares at $7.16, and several other officers adding between 2,000–6,000 shares each. This broad‑based buying pattern is notable because it spans multiple departments and seniority levels.
Trading near the midpoint of its 52‑week range, Birchcliff offers leverage to natural‑gas pricing and Montney development economics. Compared to Tourmaline and ARC Resources, Birchcliff trades at a lower cash‑flow multiple while offering a higher dividend yield. Insider accumulation across the executive suite suggests management sees the current valuation as attractive ahead of LNG Canada’s expected demand uplift.
4. Telus (TSX:T) — Share Price: CAD $18.87 • Market Cap: CAD ~$29.26B
Telus has also recorded insider buying as executives added shares during a period of sector‑wide weakness. While individual transaction sizes were smaller than those seen in energy names, insiders purchased several thousand shares collectively, signaling confidence as the stock trades near multi‑year lows. With rising capital expenditures and slower subscriber growth pressuring telecom valuations, insider buying is a meaningful signal of internal conviction.
Telus trades at a lower forward P/E than Rogers or BCE, despite having stronger long‑term growth drivers in digital health and ag‑tech. While BCE faces dividend‑sustainability concerns and Rogers continues to integrate Shaw, Telus’s diversified revenue mix positions it for more stable EBITDA growth. Insider accumulation suggests management believes the market is overly discounting short‑term headwinds.
5. VersaBank (TSX:VBNK) — Share Price: CAD ~$21.71 • Market Cap: CAD ~$693M
VersaBank insiders purchased shares following the company’s strong quarterly results, with executives adding several thousand shares in open‑market transactions. Insider buying after a rally—rather than during a dip—is often a stronger signal, indicating management believes earnings momentum is sustainable. VersaBank’s digital‑first model has allowed it to maintain superior efficiency ratios compared to traditional Canadian banks.
While the Big Five face margin compression and rising loan‑loss provisions, VersaBank continues to grow its loan book with lower risk exposure. Its valuation remains attractive relative to fintech peers and smaller lenders. Insider buying reinforces the view that VersaBank’s growth runway remains intact, particularly as it expands its cybersecurity‑focused digital vault products.
Final Thoughts
Insider buying is not a guarantee of future performance, but it is one of the clearest indicators of management conviction. Cenovus, Gibson Energy, Birchcliff, Telus, and VersaBank each show meaningful insider accumulation at valuations insiders appear to view as attractive. For Canadian investors seeking opportunities in 2026, these insider‑supported names offer a compelling blend of value, stability, and sector‑specific catalysts.
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