The purchases came as the stock plunged 29% to close below $1 for the first time in 20 years.
Shares of Chesapeake Energy Corp. bounced briefly Thursday after the oil and natural gas company’s top executives bought a total of 125,000 shares on the dip below $1 a share.
In a Form 4 filing with the Securities and Exchange Commission late Wednesday, the company disclosed that Chief Executive Doug Lawler paid $45,740 to buy 50,000 Chesapeake shares at an average price of 91.48 cents. The purchase leaves Lawler, who has been CEO since June 2013, with 5,133,298-share stake in the company, or about 0.3% of the shares outstanding.
The shares were bought in multiple trades at prices ranging from 85.01 cents to 85.49 cents. The buys leave Martin with 1,222,881-share stake. He also owns another 75,000 shares indirectly through a trust.
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