With what some analysts described as a “deteriorating net income” at Oklahoma City-based Devon Energy, several of the firm’s top executives, including President and CEO David Hager sold off shares this week, according to filings with the Securities and Exchange Commission.
The filings showed Hager sold more than 17,200 shares at a price of $21.63 per share, and the disposal of the shares occurred on Feb. 10.
Tony D. Vaughn, Executive Vice President of Exploration and Production made similar sales on the same date, unloading more than 9,158 shares at $21.63 each.
The company’s Senior Vice President and Chief Accounting Officer, Jeremy D. Humphers sold nearly 2,263 shares. Darryl G. Smette, Executive Vice President of Marketing Midstream and Supply Chain sold nearly 11,600 shares. Executive Vice Presient and Chief Financial Officer Thomas L. Mitchell sold 4,230 shares. Alan R. Marcum, Executive Vice President of Administration listed sales of 9,149 shares.
Executive Vice President and General Counsel Lyndon C. Taylor’s sales totaled 11,639 shares. The company’s Executive Vice President of Human Resources, Frank W. Rudolph sold 9,156 shares. All sales were on the same date and for the same price of $21.63 a share.
On Thursday, Devon shares slipped by nearly 5 percent as oil prices continued their decline. Speculators indicated they felt Devon shares had weakened bcause of the company’s high debt management risk, disappointing return on equity, weak operating cash flow and disapointing historical performance in the stock.
Devon’s fourth quarter and full year 2015 results will be announced Feb. 16.
