The CEO of Chesapeake Energy (CHK), Robert Meyer, made a 50,000 share buy after the company reported poor earnings in the third quarter and the insider trading lockout period for the shares expired. That increased his holdings by 1 percent.
He was joined by director Brad Martin, who bought 250,000 shares as well—a 24 percent increase in the director’s stake. Insider data shows that other insiders have been bullish this year, and one major fund holder made a big sale.
Shares of the natural gas producer slid nearly 30 percent after reporting earnings, as the company warned that the low prices of natural gas were unsustainable for the industry—as well as the company. The firm even raised the prospect of remaining a going concern, which accelerated the selloff.