Laredo exec joins others in cashing out on high prices

Laredo Petroleum promo - YouTube


As shares of Tulsa’s Laredo Petroleum soared from $36 to nearly $109 over the past year, company President and CEO Jason M. Pigott unloaded nearly 7,000 shares in the company.

A filing by the company with the Securities and Exchange Commission showed Pigott sold 6,932 shares when prices hit more than $107. It resulted in a sale worth $742,001.28. He is among the many oil company executives who have cashed out on company shares as oil prices hit record highs.

Shares for Laredo, in a 52-week range were from $36.25 to as high as $108.98. In Monday’s trading, Laredo stock dropped $1.04 or 097% to settle at $106.

The value of Laredo shares rose 13% in the past week after the company announced a $200 million share repurchase program.