MGY - Top Magnolia Oil shareholder to offer 7.6M shares - Bloomberg

ronniechua/iStock via Getty Images Magnolia Oil & Gas ([[MGY]] -7.1%) plunges at the open as top shareholder EnerVest is said to be offering 7.6M common shares in a block trade priced at $14.55-$14.75 through Morgan Stanley. Enervest is Magnolia's largest shareholder with 29.5M shares, or a 17% stake, as of May 4, according Bloomberg data. Magnolia has "consistently delivered on investor demands for capital discipline and return with one of the best balance sheets in the sector," Piper Sandler analysts wrote last month in upgrading shares to Overweight.

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Top Magnolia Oil shareholder to offer 7.6M shares - Bloomberg