A lot is made of insider and major shareholder purchases and sales. Sometimes those purchases and sales do not give the whole picture. In the case of Chesapeake Energy (CHK), the company recently merged with WildHorse Resource Development (WRD).
Some new major shareholders may have some portfolio re-balancing and tax considerations as a result of the merger. Therefore, the sales do not tell the whole picture alone. Plus shares acquired as part of a merger are not part of the filings normally required of insiders.
Unless there is a definitive announcement,