BRY

Insiders are selling large chunks of Berry Petroleum (BRY) while the company is simultaneously carrying out buybacks. BRY, an independent upstream energy company, had carried out an opportunistic stock buyback of two million shares worth $22.8 million in the month of May. The transaction took 2.5% of the company’s outstanding shares off the market and still left available repurchase authorization of more than $127 million in place. Cary Baetz, CFO and Executive Vice President of the company, commented on the transaction, “We were approached by one of our largest shareholders with an opportunity to repurchase a significant number of shares which our Board approved, and we acted on.
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