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Midstates Petroleum’s CEO is Bullish

Midstates Petroleum CEO: John A. Crum of Midstates Petroleum Company Inc (NYSE:MPO) purchased 10,000 shares of common stock on Tuesday, in his fifth insider purchase since July. The Chairman, President, and CEO of Midstates Petroleum acquired the shares in a transaction that was executed in multiple trades at prices ranging from $5.20 to $5.29. The weighted average purchase price was of $5.26. Crum now holds 1,336,301 shares, valued at approximately $7,590,189. Since the CEO’s acquisition of the stock, its trading value has increased around 7.98%.

Midstates Petroleum Company

The recent increase in share value is part of an overall ascendant trend, which has been noticeable for the past three months. However, the firm is still trading closer to its 52-week low of $4.26, rather than its high of $8.95. Nevertheless, Crum seems optimistic about the company’s future, as he has made a total of 10 acquisitions of common stock over the past year, amounting to 475,000 shares.

Like Crum, several hedge funds hold significant positions in the company. Nokomis Capital is the largest of them, holding 760,508 shares or approximately $4,319,685. Citadel Investment Group is the hedge fund with the second largest holdings of Midstates Petroleum, with 732,373 shares, valued at $4,159,878.

Tuesday’s insider purchase follows the announcement made by the firm on September 30, in which an increase of its borrowing base from $425 million to $500 million was set forth. Crum said at the time, “We are pleased with the confidence shown by our banking syndicate to increase our borrowing base, which reflects the strong increase in production the Company has been experiencing.”

Despite showing high debt levels, the firm’s production has increased significantly over the past year, bringing output from 8,000 BOEs per day to around 27,000 BOEs per day. The CEO’s confidence in Midstates Petroleum’s continued growth is highlighted by his insider purchases.

Disclosure: Pablo Erbar holds no position in any stocks mentioned

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