MGY - Magnolia Oil slides after EnerVest affiliates offer 7.5M shares

Magnolia Oil & Gas (NYSE:MGY) -4.3% post-market on Wednesday after announcing a proposed underwritten block trade of 7.5M class A common shares by affiliates of EnerVest. In connection with the offering, Magnolia (MGY) said it will buy 2M class B common shares from the selling stockholders at a price equal to the price at which the underwriter purchases the class A shares. After the transactions, the selling stockholders will own more than 10.9M class A shares and more than 28.7M class B shares, or ~18% of Magnolia's (MGY) total outstanding shares. Magnolia Oil & Gas (MGY) is a high-margin producer with strong growth and 100%-plus potential upside, Laurentian Research writes in a bullish analysis posted recently on Seeking Alpha.

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Magnolia Oil slides after EnerVest affiliates offer 7.5M shares