Energen raised its outlook for 2008 and 2009 because of higher commodity prices. The company said it sees a 2008 outlook of $4.30 to $4.70 a share and a 2009 outlook of $5.15 to $5.55 a share.
William Michael Warren Jr., a director of Energen, sold 16,400 shares of stock, causing prices to plummet as investors wonder why someone so invested in the company is getting out. Panic ensues and shares drop by nearly $4.
Energy shares crash with fears of recession, dragging Energen down.