Denbury Insiders Fear Acquisition Could Lower Shares
Although shares of Denbury Resources Inc. (NYSE:DNR) were up 3.79 percent on Monday, it appears company insiders are wary of upcoming changes to the company, including a recently completed acquisition and the appointment of a new executive.
In June, Denbury completed the acquisition of Thompson Field in Texas, and chose Craig McPherson to move up from senior vice president of production operations to senior vice president and chief operating officer. The stock was trading at 9.26 million shares, much higher than the daily average of 6.6 million shares.
McPherson is bringing to the table more than 30 years of experience in the oil and natural gas sectors, and the company recently stated the promotion will "further strengthen our senior executive team," and it will "provide the structure to execute the continued expansion of our carbon dioxide enhanced oil recovery strategy," according to Phil Rykhoek, president of Denbury.
However, it doesn't seem as though all company officials share his sentiment. In the last three months, company insiders have filed $232,440 worth of insider transactions with the SEC, at shares worth $15.50 each.
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