A few days after an Ovintiv executive in Denver reported cashing out and taking advantage of the high price of company shares, another leader in the firm did the same. So did an executive with Williams Cos. in Tulsa.
In the case of Ovintiv’s Rachel Maureen Moore, the firm’s Executive Vice President of Corporate Services, she made a profit after first acquiring 3,130 shares at $22.17 each or a total of more than $69,000. Moore turned around and sold the same number of shares at $61.84 each, resulting in a total sale for her of $193,559.20. The information provided in the company’s filing with the Securities and Exchange Commission indicated the acquisition and the turnaround sale came on the same day, June 8, 2022.
Shares of Ovintiv dropped $1.52 or 2.48% a day later and on June 9 were valued at $59.86.
Another of the latest oil and gas executives to take advantage of the high price of shares that rose with crude oil prices is a Senior Vice President at Tulsa-based Williams Cos. The sale totaled more than $1.3 million.
Debbie L. Cowan, Senior Vice President and Chief Human Resources Officer made two sales of more than 36,000 shares in Williams according to the filing with the U.S. Securities Exchange Commission.
Both sales were made on June 8. One involved 35,228 shares at a price of $37.75 each, resulting in a sale totaling $1,329,857. The second sale was of 1,000 shares at a price of $37.755 each, resulting in a total sale of $37,755.
The combined total was $1,367,612.
With company shares often boosted by higher energy prices in the U.S., many executives have cashed out at times, often resulting in large sales such as Cowan’s.