Jan 18 NTI SPO was priced at 24.50,but pps went down to 23.70 a few times in the next couple of days. Most that bought SPO made good $ as pps recovered nicely even after ex day. I think this quarter they had the refinery shutdown for maintenance so I'd think twice about holding through earnings, unless that's factored into earnings expectations . We knew this was coming ,they filed paperwork more than a month ago announcing this to the sec, cvrr also filed about the same time, so they're next.
From reading the info this isn't an SPO as such i don't think. It looks like an original investor/hedge fund is liquidating on the open market. No money is going to the company so I don't think there will be dilution and may rebound quickly.
Right, not a company sponsored diluitive spo - but it is becoming a monthly occurance.
And no, they are not selling out, at least not this time - I think they have 50 million more shares to sell. So expect more of the same as the months pass by.
In addition to petar's reply -
1) The stock price, while down 20%, is still up 70% since the 2012 IPO.
2) Margin expansion should continue thanks to "plentiful sources of crude from bothe the Bakken and Canada" and cheaper feedstocks as "Canadian crude oil production is expected to double by 2030."