Permian Resources Corporation (NYSE: PR) stock saw a modest rise in intraday trading Monday after the company launched a secondary public offering of Class A Common stock.
Permian Resources (PR) recently priced a public offering of 51,765,000 (51.76 million) shares of its Class A Common Stock at $16.47 per share. Affiliates of several investment firms are selling these shares, including EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments, Riverstone Investment Group LLC, and a member of the company’s Board of Directors. Notably, no proceeds from this sale will go to Permian Resources itself.
The offering, scheduled to close on May 15, 2024, is subject to customary closing conditions, with Goldman Sachs & Co. LLC acting as the underwriter for the transaction.
In a parallel move, the energy giant Permian Resources has agreed to repurchase 1,800,000 common units from select selling stockholders. This repurchase initiative will lead to the cancellation of an equivalent number of Class C Common Stock shares. However, this buyback is contingent upon the successful completion of the public offering.
Permian Resources (NYSE: PR) Stock Price Action
PR stock rose 1.15% to close at $16.76 on Monday. Its value decreased by 3.51% this week. Trading activity has witnessed 30,916,867 (30.91 million) shares changing hands, well above the average daily volume of 9.74 million.
NYSE: PR Permian Resources Corporation PR PR shares PR stock PR stock news
