Mach Natural Resources slides after equity offering priced

Raymond James Financial

06/02/2025 15:56

(Updates with pricing details)
    **  Mach Natural Resources  MNR.N  shares down 8.4% at
$15.74 early Thurs, a six-week low, after follow-on priced
  
    ** Oklahoma City-based oil and gas producer  ~12.9 mln units
at $15.50 for ~$200 mln gross raise
  
    ** Offering size boosted from 12 mln units, priced at 9.8%
discount to last close
  
    
      
    
  
    ** Co's PE sponsor, , indicated to buy $80 mln of the
offering, per the 
  
    ** Bayou owns ~68 mln units, about 59% of MNR, according to
LSEG data
  
    ** Prior to offering, co had ~103.5 mln units outstanding
for ~$1.8 bln market cap
  
    ** Stifel, Raymond James, Texas Capital Secs and Truist are
jt bookrunners for the offering
    
  
    ** MNR shares falling for 5th straight session. They closed
at $17 a year ago
    ** Research sentiment on MNR overwhelmingly bullish with avg
rating of "strong buy" among 6 analysts and median PT of $24.50
- LSEG

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