Gulfport Energy (NYSE:GPOR) stock is falling on Thursday after the company revealed details of a public share offering.
According to a press release, certain shareholders of GPOR stock are behind the public offering. These investors are selling 1.3 million shares at a price of $95 per share. The offering also includes a 30-day option for underwriters to acquire another 195,000 shares.
Gulfport Energy notes that none of these shares in the offering are being sold by the company. As a result, the company won’t see any funds from the deal. However, it has reached an agreement with some of the selling shareholders connected to the offering.
Gulfport Energy intends to purchase $25 million shares of GPOR stock from these stockholders at the same time this offering ends. The company will pay the same price as the public in this offering. It’s doing this under its current $400 million share repurchase program.
How This Affects GPOR Stock Today
Shares of GPOR stock are falling and that makes sense considering the current offering. The price of $95 per share is below the stock’s prior closing price of $107.88 per share. This has the offering devaluing the price of the stock.
GPOR stock is also seeing strong trading this morning as some 116,000 shares change hands. That’s closing in on its daily average of about 124,000 shares. It also has the company’s stock down 8.2% as of this writing.
Investors looking for even more of the latest stock market news will want to stick around!
We have all of the biggest stock market stories that traders will want to read about on Thursday! A few examples include why shares of AlloVir (NASDAQ:ALVR) stock, Root (NASDAQ:ROOT) stock and ShiftPixy (NASDAQ:PIXY) stock are moving today. You can find out more on these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
