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Equity Actions

VNOM

Viper Energy's stock is trading lower following the announcement of a secondary common stock offering by certain stockholders. This offering could potentially dilute the value of existing shares or reflect an increased number of shares available in the market.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:56 pm

MBFJF

MUFG

MUFG has declared its intention to repurchase up to 400 million shares of its common stock and cancel 350 million shares of its treasury stock. This move is aimed at enhancing shareholder returns and will be conducted through the Tokyo Stock Exchange, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:42 pm

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TECK

Teck Resources Limited (NYSE:TECK) has agreed to sell its steelmaking coal business, Elk Valley Resources, to Glencore plc and Nippon Steel Corporation for an implied enterprise value of $9 billion. Glencore will acquire a 77% stake for $6.9 billion, while Nippon Steel will buy a 20% interest. Proceeds will be used to strengthen Teck's balance sheet and return cash to shareholders. The deal is expected to close in Q3 2024 for Glencore and Q1 2024 for Nippon Steel, subject to regulatory approvals. Glencore will establish a Canadian head office for the business, maintain jobs, and increase investment in the community.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:34 pm

MBCN

Middlefield Banc Corp. (NASDAQ:MBCN) has declared a special cash dividend of $0.05 per share and a regular quarterly cash dividend of $0.20 per share, payable on December 15, 2023, to shareholders of record as of December 1, 2023. The CEO highlighted the company's strong balance sheet and business model, as well as its commitment to rewarding shareholders, noting the increase in annual cash dividend from $0.57 in 2019 to $0.85 in 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:23 pm

HESM

Hess Midstream LP (HESM) has announced a definitive agreement to repurchase $100 million of Class B units from its Sponsors, Hess Corporation and Global Infrastructure Partners. The repurchase will reduce the total unit count by approximately 20% and is expected to provide immediate accretion to shareholders. The transaction, unanimously approved by the Board of Directors, is part of Hess Midstream's strategy to return capital to shareholders, with $1.55 billion already returned since 2021. The repurchase is expected to increase distributable cash flow per Class A share and support distribution growth above the annual target of 5% through 2025. The repurchase will be funded through borrowings under Hess Midstream's existing credit facility and is expected to close on November 16, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:21 pm

HESM

Hess Midstream LP (HESM) has announced a definitive agreement to repurchase $100 million of Class B units from its sponsors, Hess Corporation and Global Infrastructure Partners. The repurchase will reduce the total unit count by approximately 20% and is expected to provide immediate accretion to shareholders. The transaction, which will be funded through borrowings, is expected to close on November 16, 2023, and will result in increased distributable cash flow per Class A share, supporting distribution growth above the annual target of at least 5% through 2025.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:21 pm

APVO

Aptevo Therapeutics (APVO) reported a Q3 EPS loss of $(0.50), outperforming the $(0.75) estimate and marking a significant improvement from the $(1.50) loss per share in the same quarter last year. Additionally, APVO successfully closed a public offering for $5M and raised an additional $2M through warrant exercises in November 2023, extending their cash runway for at least the next twelve months.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:18 pm

ZS

Zscaler (NYSE:ZS) has seen a 9.09% increase in short interest since the last report, with 5.58 million shares sold short, representing 6.24% of available shares. It would take about 3.99 days to cover all short positions. While an increase in short interest can indicate bearish sentiment, it doesn't necessarily predict a price drop. Zscaler has a higher short interest than its peer group average of 4.82%.

Portfolio Pulse from Benzinga Insights

November 14, 2023 | 1:15 pm

ADP

Automatic Data Processing (NYSE:ADP) has seen a decrease in short interest, with the short percent of float dropping 4.63% since the last report. The company has 4.24 million shares sold short, representing 1.03% of available shares. The average time to cover these short positions is 2.28 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. ADP's short interest is below its peer group average of 5.81%.

Portfolio Pulse from Benzinga Insights

November 14, 2023 | 1:15 pm

RDHL

RedHill Biopharma Ltd. (RDHL) has been approved to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market due to non-compliance with the minimum Market Value of Publicly Held Shares requirement. The transfer will occur on November 15, 2023, without affecting trading under the ticker RDHL. The company also faces a compliance issue with the minimum bid price requirement and has until March 18, 2024, to meet this standard or potentially receive an additional compliance period.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:12 pm