Did SandRidge Executives Make Insider Buys On Privileged Information?
SandRidge Energy Inc. (NYSE:SD) recently reported a strong second quarter, bringing in a total of $36.8 million, or 7 cents per share, up from the $1.6 million in net income the company reported in the same period last year.
Considering the heavy insider trading that took place in the months leading up to the financial report, it appears SandRidge insiders may have been making insider buys on information that may not have been leaked to the public.
The strong earnings report came after the oil drilling company reported much higher oil production at its Mississippi project, which is now averaging the equivalent of 25,200 barrels of oil per day. This marks a 31 percent increase from the first quarter and a 199 percent leap from the same period last year, according to the Wichita Business Journal.
In the second quarter of 2012, SandRidge drilled 91 horizontal wells, giving the company a total of 392 from which to draw oil.
In the last three months, company officials have bought $290,000 worth of shares for $5.80 each.
Do you think these executives were trading on insider information?
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