President & CEO Morrisett sold 187.1K shares at $3.77 (-35.1% of holdings); stock down -59.4% from 52-week high.
Michael R. Morrisett, President & CEO of Empire Petroleum, sold 187,084 shares for $705,306.68, reducing his holdings by 35.1% from 533,172 to 346,088 shares. The sale occurred at $3.77 per share, while the stock now trades at $3.16—below the transaction price—and has declined 59.4% from its 52-week high of $7.78. The company reported a net loss of $5,056,000 on revenue of $8,754,000 in the latest quarter and has been unprofitable over its most recent full fiscal year. This substantial reduction in CEO holdings coincides with deteriorating stock price momentum (down 23.7% over 30 days and 30.1% over 90 days) and a company in financial distress, presenting a material signal of capital redeployment at a juncture of operational underperformance.