Civitas Resources slips as CPPIB to halve stake

Civitas Resources

15/05/2024 21:52

** Shares of Civitas Resources  CIVI.N  fall 4.1% to $73.31
after hours on secondary offering
    ** Oil and gas producer announces ~7 mln shares to be sold
by Canada Pension Plan Investment Board (CPPIB) with BofA as
sole underwriter 
    ** Offering would roughly halve Canada Pension Plan's
holdings to ~8.5 mln shares, or 8.5% stake, if full
overallotment is exercised, per SEC prospectus filing
    ** Canada Pension Plan currently CIVI's top investor, per
LSEG. Vanguard and BlackRock own 10% and 9% stakes, respectively
    ** CIVI's stock on Weds closed down 0.3% at $76.47. YTD,
stock up ~12% 

 (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))