Hamm picks up another $57 million in shares of his own company

 

Continental Resources founder Harold Hamm added more than $57 million in shares in his own company this week.

A filing made with the Securities Exchange Commission showed Hamm, who is now the company’s Executive Chairman, made the acquisitions on June 22, 23 and 24 of this year. He paid an average price of $16.62 a share, according to the SEC filing.

Hamm acquired 3.44 million shares at a cost of $57.1 million, bringing his total of direct and indirect shares to 288 million or 79% of Continental Resources.

The first acquisition was June 22 when he bought 1,224,474 shares at a price of $16.9794 per share.

“This transaction was executed in multiple trades at prices ranging from $16.6350 to $17.20. The price reported represents the weighted average transaction price,” explained the SEC filing.

A day later, Hamm picked up 911,790 shares at a price of $17,0136 a share.

“This transaction was executed in multiple trades at prices ranging from $16.77 to $17.48. The price reported represents the weighted average transaction price,” stated the company in a footnote to the filing.

On June 24, he made two separate transactions to acquire shares in his company. The first acquisition totaled 860,629 shares at $15.8043 per share

“This transaction was executed in multiple trades at prices ranging from $15.29 to $16.28. The price reported represents the weighted average transaction price,” stated the filing.

The second purchase involved 439,317 shares at $16.4155 per share.

“This transaction was executed in multiple trades at prices ranging from $16.2825 to $16.55,” according to the filing made with the SEC.

The filing also indicated that Hamm’s purchases included 167,093 shares of restricted common stock which vest on February 15, 2021 and 186,363 shares of restricted common stock which vest on February 15, 2022.

On Wednesday, shares in the Oklahoma City company dropped 10% to $15.12 but the price is still more than double from the March 9 low.

The company recently said it will partially begin resuming production in July but still expects to curtail roughly half of its operated oil production.

Source: SEC