Magnolia Oil & Gas down on EnerVest block trade

Magnolia Oil & Gas

14/05/2024 21:59

** Shares of Magnolia Oil & Gas  MGY.N  down 1.5% at $25.70
in extended trading after co announces secondary offering
    ** South Texas-focused E&P firm says affiliates of PE firm
EnerVest to sell 12 mln Class A shares in unregistered block
trade
    ** Also, MGY to purchase 3 mln Class B shares from selling
shareholders
    ** Transactions to result in EnerVest owning ~4.2 mln Class
A and ~11 mln Class B shares, or ~7.6% of co's ~200 mln total
shares outstanding
    ** MGY's shares on Tues closed up 1% at $26.09, stretching
YTD gain to 22.5%

 (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))