Harold Hamm, founder and chairman of shale oil producer Continental Resources, this month bought more than $16 million in company share, his second purchase in less than two months, according to regulatory filings.

Continental Resources chairman snaps up $16 mln in company stock-oil and gas 360

Source: Reuters

Hamm has purchased some $21.25 million worth of Continental stock since November, or 475,520 shares, according to filings with the U.S. Securities and Exchange Commission. Hamm owns more than 80% of Continental, according to data from Refinitiv IBES.

The most recent purchases, made during the first three days of December, came as oil markets were roiling on news of the new Omicron coronavirus variant.

Hamm purchased some $5.47 million in shares on Dec. 2 for between $41.35 and $44 dollars each, according to a filing. On that day, oil prices fell below $63 a barrel, down about $18 from a high hit in October.

Continental’s shares traded around $44.68 on Tuesday, up 4.6%.

Last month, Hamm bought $5.17 million in Continental’s stock, an indication that he anticipates oil prices will climb, a spokesperson for the company then said.

In early November, Continental, which primarily focuses on producing oil from the Bakken shale play, said it would buy certain assets in the Permian basin from rival Pioneer Natural Resources for $3.25 billion. That announcement sent its shares down more than 14%.

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