Gulfport Energy slides as top holders cut stakes

Gulfport Energy

22/06/2023 13:02

** Gulfport Energy Corp's  GPOR.N  stock down 9.2% at $98
premarket after overnight secondary prices
    ** GPOR could snap 6-session winning streak, if losses hold
    ** Oil and gas E&P co late Weds announced 1.3 mln shares
sold by existing holders at $95, 11.9% discount to last sale
    ** Also, co plans to buy approx $25 mln of shares from
selling stockholders as part of its existing $400 mln repurchase
program
    ** Hedge fund Silver Point Capital, #1 investor in GPOR with
~54% stake, is the predominant seller. Next biggest holder
MacKay Shields, division of New York Life Insurance, had ~10%
stake prior to the offering, per the SEC prospectus filing
    ** Gulfport expected to have ~18.3 mln shares outstanding
after the offering and concurrent repurchase
    ** YTD, GPOR up 46.5% through Weds close
    ** BofA, JP Morgan and Evercore acting as jt bookrunners for
share offering

 (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))