Civitas Resources drops as CPPIB's stake sale priced

Civitas Resources

16/05/2024 13:33

** Shares of Civitas Resources  CIVI.N  down 3.2% at $74
premarket after overnight secondary offering priced
    ** Oil and gas producer late Weds announced ~7 mln shares
sold by Canada Pension Plan Investment Board (CPPIB) with BofA
as sole underwriter
    ** Offering price of $73.80 represents 3.5% discount to
stock's last sale
    ** Canada Pension Plan's holdings would halve to ~8.5 mln
shares, or 8.5% stake, if full overallotment is exercised, per
SEC prospectus filing
    ** Prior to offering, Canada Pension Plan was CIVI's biggest
holder followed by Vanguard and BlackRock with 10% and 9%
stakes, respectively, according to LSEG data
    ** Through Weds, CIVI's stock up ~12% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))