Permian Resources slips after launching secondary offering

Shares of oil and gas producer Permian Resources PR.N down 0.9% premarket to $13.58 after secondary offering launches

Midland, Texas-based firm says ~46.1 mln Class A shares to be offloaded by Pearl Energy Investments and Riverstone Investment Group

Concurrently with closing of offering, it intends to purchase 2 mln Class C shares from Pearl Energy, per the prospectus

Private equity firm Riverstone, the predominant seller, is looking to divest its remaining PR holdings of about 39.2 mln Class A shares

PE firm Pearl owns about 16.1 mln Class C shares

With ~831.5 mln total shares outstanding as of Sept 12, PR has roughly $11.4 bln market cap

Morgan Stanley, Citigroup and Goldman Sachs leading the offering

PR shares on Fri fell 1.8% to $13.70, down 3.7% YTD

Of 22 analysts covering the stock, recommendation breakdown is 21 "strong buy" or "buy" and 1 "hold"; median PT is $19, LSEG data reflects