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PR

Permian Resources Corporation (NYSE:PR) announced the pricing of a secondary public offering of 48.5 million shares of Class A common stock at $15.76 per share. The shares are being sold by affiliates of EnCap Investments, NGP Energy Capital Management, Pearl Energy Investments, and Riverstone Investment Group, along with certain company management members. Permian Resources will not sell any shares nor receive proceeds from this offering. Concurrently, the company will purchase 2 million OpCo Units from some selling stockholders, with the offering expected to close on March 6, 2024. Goldman Sachs & Co. LLC is the underwriter.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:31 pm

RVNC

Revance Therapeutics, Inc. (RVNC) has announced a public offering of 16 million shares at $6.25 each, aiming to raise $100 million. The proceeds are intended for the commercial growth of its aesthetics portfolio, including DAXXIFY® and the RHA® Collection, and for general corporate purposes. Barclays is the sole book-running manager for the offering, expected to close by March 6, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:26 pm

RVNC

Revance Therapeutics announced a proposed public offering of $100 million of its common stock, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:15 pm

MP

MP Materials Corp (NYSE:MP) announced a proposed offering of $500 million in convertible senior notes due 2030 and increased its share repurchase authorization to $300 million. The proceeds will fund capped call transactions, repurchase common stock and a portion of its 0.25% green convertible senior notes due 2026, and for general corporate purposes. MP Materials shares were up 1.36% at $15.68 following the announcement.

Portfolio Pulse from Adam Eckert

March 04, 2024 | 2:08 pm

ODP

The ODP Corporation (NASDAQ:ODP) has announced a partnership with Matthews South to optimize the execution of its new $1 billion share repurchase program. This collaboration aims to enhance the efficiency of share repurchases, aligning with ODP's commitment to a low-cost business model and capital allocation strategy. The program's execution will depend on market conditions and other factors, and it may be suspended or discontinued at any time.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 2:03 pm

BOIL

EQT

UNG

USO

Natural gas prices surged after EQT Corporation announced a production cut, leading to a 5.6% increase in U.S. natural gas futures. The United States Natural Gas Fund and the ProShares Ultra Bloomberg Natural Gas also saw significant increases. EQT's shares rose slightly in pre-market trading. Meanwhile, oil prices dipped as OPEC+ extended production curbs, affecting the United States Oil Fund. The decision came despite a recent increase in oil production by some OPEC+ members.

Portfolio Pulse from Neil Dennis

March 04, 2024 | 2:03 pm

FIHL

Fidelis Insurance Hldgs (NYSE:FIHL) has received mixed analyst ratings over the last three months, with a shift towards more positive evaluations in the recent 30 days. Analysts from Keefe, Bruyette & Woods, JMP Securities, and JP Morgan have adjusted their price targets, reflecting a consensus average price target increase to $19.25 from $18.38. This adjustment indicates a 4.73% increase in the expected stock value. Fidelis Insurance, a global (re)insurance company, has shown notable revenue growth and strong financial performance metrics such as net margin, ROE, and ROA, despite a smaller market capitalization compared to industry peers.

Portfolio Pulse from Benzinga Insights

March 04, 2024 | 2:01 pm

BX

Recent analyst ratings for Blackstone (NYSE:BX) show a mix of bullish to indifferent sentiments, with an updated average 12-month price target of $128.25, marking a 6.68% increase from the previous target. The company, a leading alternative-asset manager with $1.040 trillion in AUM, faces challenges in revenue growth, net margin, ROE, ROA, and debt management, indicating potential financial hurdles.

Portfolio Pulse from Benzinga Insights

March 04, 2024 | 2:00 pm

PGY

Pagaya Technologies Ltd. (NASDAQ:PGY) announced a 1-for-12 reverse stock split effective March 8, 2024, aimed at enhancing marketability and potentially increasing inclusion in major U.S. equity indices. The split, approved by shareholders, will adjust trading on a split-adjusted basis under the same symbol 'PGY' with a new CUSIP number. This strategic move is expected to improve trading liquidity by reducing the number of issued and outstanding shares from approximately 605.1 million to about 50.4 million, affecting all shareholders uniformly except for adjustments in fractional shares.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:45 pm

EFSH

1847 Holdings LLC (AMEX:EFSH), a diversified acquisition holding company, is focusing on increasing shareholder value and positioning for growth in 2024 by shoring up capital, streamlining operations, and divesting non-core assets like 1847 Asien Inc. This strategy includes securing a $1 million credit facility for High Mountain Door & Trim Inc., paying off $1.95 million in debt, and eliminating $6.4 million in outstanding debt and liabilities. These moves aim to enhance operational profitability, reduce expenses and liabilities, and enable the company to pursue accretive growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:43 pm