Gulfport Energy slides on secondary share offering

Gulfport Energy

21/06/2023 21:53

** Gulfport Energy Corp's  GPOR.N  stock down ~9%
post-market after co commences secondary offering
    ** Oil and gas E&P firm says certain existing holders to
sell 1.3 mln shares
    ** Also, co plans to buy approx $25 mln of shares from
selling stockholders as part of its existing $400 mln repurchase
program
    ** BofA, JP Morgan and Evercore jt bookrunners for offering
expected to price later this evening/before market open Thurs
    ** GPOR's stock rose for 6th straight session on Weds,
closing up 3.3% at $107.88
    ** Co has ~18.53 mln shares outstanding for ~$2 bln market
cap, per Refinitiv, and ~18.45 mln shares of public float
    ** YTD, stock up 46.5%

 (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))