Unlike all those sexy coeds making inebriated, spur-of-the-moment decisions in front of a rolling camera, this guy-gone-wild knew exactly what he was going to do. He even told us his plan in a March 3 press release. Still, the swiftness with which Tom Ward, the chairman/CEO of oil and gas upstart SandRidge Energy
While he said he'd conduct the purchases "during 2008," it appears that Ward snatched all the shares he sought over a roughly two-week span in May. Talk about going on a share-buying bender. Spring break! Whooo!
It's a good thing that SandRidge's point man -- a founder of Chesapeake Energy
We are hitting what appears to me to be a manic phase in the energy markets. There's some real junk in energy microcap land that has soared between 500% and 1,000% just since January. When any old story stock will fly, it's time to give the exit an eye. I'm sure I'll have more to say on this as valuations get even wackier.
Getting back to SandRidge, I recently got a bit uncomfortable with the share price run-up and ended my Motley Fool CAPS outperform call on the company (along with other big winners like Northern Oil & Gas
Perhaps I'm wrong and SandRidge is just getting warmed up. However you feel, I'd love to see your analysis over in CAPS. Maybe you'll persuade me to jump back in.