Reported Earlier, Diamondback Energy Prices Upsized $2.2B Secondary Common Stock Offering Of 12.77M Shares
Portfolio Pulse from Benzinga Newsdesk
Diamondback Energy has announced a $2.2 billion secondary common stock offering of 12.77 million shares. The company will not receive proceeds from this sale, but plans to repurchase 2 million shares from the underwriters using existing cash.
September 20, 2024 | 5:38 am
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Diamondback Energy is conducting a $2.2 billion secondary stock offering, selling 12.77 million shares. The company will not receive proceeds but will repurchase 2 million shares, potentially stabilizing the stock price.
The secondary offering increases the supply of shares, which could pressure the stock price. However, the company's decision to repurchase 2 million shares may offset this effect, leading to a neutral short-term impact on the stock price.
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