Permian Resources drops on $624 mln secondary offering

Riverstone Energy

15/09/2025 14:49

Updates with pricing details

** Shares of oil and gas producer Permian Resources PR.N down 3.9% at $13.17 early Mon after secondary offering priced

** Midland, Texas-based firm announces  ~46.1 mln Class A shares offloaded by Pearl Energy Investments and Riverstone Investment Group at $13.53 for total gross proceeds of ~$623.9 mln

** Offering price represents 1.2% discount to stock's last sale on Fri

** Concurrently, PR will purchase 2 mln Class C shares from Pearl Energy, per the prospectus

** Private equity firm Riverstone divests its remaining holdings of about 39.2 mln Class A shares in the offering

** PE firm Pearl owned about 16.1 mln Class C shares prior to the transactions

** With ~831.5 mln total shares outstanding as of Sept 12, PR had roughly $11.4 bln market cap through Fri

** Morgan Stanley, Citigroup and Goldman Sachs leading the offering

** With the move on Mon, PR shares down about 8.5% YTD

** 21 of 22 analysts rate the stock "strong buy" or "buy" and 1 has "hold"; median PT is $19, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))