MIDLAND, Texas - Permian Resources Corporation (NYSE: PR), an independent oil and natural gas company, has announced the pricing of a public offering of 51,765,000 shares of its Class A Common Stock at $16.47 per share. The shares are being sold by affiliates of several investment firms and a company board member, with no proceeds going to Permian Resources itself.
The offering is scheduled to close on May 15, 2024, subject to customary closing conditions. Goldman Sachs (NYSE:GS) & Co. LLC is the underwriter for this transaction. In a related move, Permian Resources agreed to buy back 1,800,000 common units from some of the selling stockholders, which will also result in the cancellation of an equivalent number of Class C Common Stock shares. This buyback is contingent on the completion of the public offering.
Permian Resources is known for its focus on the acquisition, optimization, and development of oil and natural gas properties, particularly within the Delaware Basin. The offering follows a registration statement filed with the U.S. Securities and Exchange Commission (SEC), which became automatically effective on November 8, 2023. Documents related to the offering can be obtained from Goldman Sachs & Co. LLC or by visiting the SEC's website.
The press release from the company also contained forward-looking statements regarding the offering's completion and the concurrent purchase of common units. These statements are subject to risks and uncertainties, including commodity price volatility and the availability of drilling equipment and services.
This news is based on a press release statement and presents the facts without endorsing the claims. It is intended to provide investors with the latest developments regarding Permian Resources Corporation's public offering and concurrent unit purchase.
InvestingPro Insights
As Permian Resources Corporation (NYSE: PR) moves forward with its public offering, data from InvestingPro provides a deeper look into the company's financial health and market performance. With a market capitalization of $12.78 billion and an adjusted P/E ratio of 16.55 for the last twelve months as of Q1 2024, the company stands as a significant player in the oil and natural gas sector.
InvestingPro data shows a remarkable revenue growth of 56.13% for the last twelve months as of Q1 2024, indicating a strong upward trajectory in the company's earnings. The growth is even more pronounced when looking at the quarterly figures, with a 101.7% increase in revenue growth for Q1 2024. This suggests that Permian Resources has been successfully capitalizing on market opportunities and optimizing its operations within the Delaware Basin.
Investors may also take note of the company's gross profit margin, which stands at an impressive 76.81% for the last twelve months as of Q1 2024. This high margin can be a sign of operational efficiency and a strong pricing power in the market. Moreover, the company's stock has seen a substantial return over the last year, with a 1-year price total return of 81.26% as of the date provided, demonstrating robust investor confidence and market performance.
Among the InvestingPro Tips, analysts have revised their earnings upwards for the upcoming period, which could be a positive signal for potential investors. Additionally, the company's stock is known to trade with low price volatility, providing a relatively stable investment option in a typically fluctuating energy market.
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