Carrizo O&G Top Management Dumps Another $646K in Company Stock

Carrizo logoCarrizo Oil & Gas, a Houston-based driller, actively drills in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, and until mid-year in 2015, they did have an active drilling program in the Ohio Utica and Pennsylvania Marcellus. No more. They haven’t drilled in Appalachia since 3Q15 (see Carrizo O&G 1Q16: Still Not Active in the Marcellus, Prod. Down). However, we expect at some point Carrizo will return to northeast drilling–so we keep track of the company. Last year we noted that Carrizo’s top mangement was engaged in dumping the company’s stock (see What’s Up with Carrizo Top Mgmt Continued Selling of Co. Stock?). They’re at it again. Three of Carrizo’s top managers, including the CEO, COO and a VP, along with a board member, have just sold off a collective 17,082 shares worth $646,280. Hey, we have absolutely no issue with those who help a company succeed, in profiting from that success. Top managers are often awarded stock bonuses and it’s not uncommon to cash them in. But we get nervous when we see the people running a company selling large tranches of stock, repeatedly. Makes us wonder what they know that we don’t!…

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