Chesapeake Energy shares skyrocketed 26.6% on Thursday, the most in two years, after board member Archie Dunham announced the purchase additional shares of the company.
According to the filing with the U.S. Securities and Exchange Commission, the Director bought 2.1 million shares of the company worth $4 million on December 21, 2018. With this purchase he nearly doubled his position in the company to more than 1% in this month.
“Since I’m in for long term, when I get the opportunity to buy when the whole market drops like it did over the last 10 days, I decided I would be foolish not to take advantage of it,” the Director said to Bloomberg in a telephonic interview.
Registering its highest gain since April 2016, the company end the day at $2.19 per share after rising nearly 27%.
Amidst a transition phase, in terms of shifting focus from gas to oil production, shares of the company tumbled by ~25% since November end after being hit by the oil rout. Consequently, cutting Chesapeake Energy’s market capitalization to just $2 billion.