Brigham Minerals Inc’s Lock-Up Period Set To Expire Tomorrow (NYSE:MNRL)
Brigham Minerals’ (NYSE:MNRL) lock-up period will end on Tuesday, October 15th. Brigham Minerals had issued 14,500,000 shares in its initial public offering on April 18th. The total size of the offering was $261,000,000 based on an initial share price of $18.00. After the expiration of Brigham Minerals’ lock-up period, company insiders and major shareholders will be able to sell their shares of the company.
MNRL has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Brigham Minerals from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, October 9th. Seaport Global Securities reiterated a “buy” rating on shares of Brigham Minerals in a research note on Friday, June 21st. Finally, SunTrust Banks initiated coverage on shares of Brigham Minerals in a research note on Monday, June 17th. They set a “buy” rating and a $28.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $25.45.
Shares of NYSE:MNRL traded down $1.00 during midday trading on Monday, reaching $18.93. The company had a trading volume of 1,307 shares, compared to its average volume of 180,419. The company’s fifty day simple moving average is $20.22. Brigham Minerals has a one year low of $18.36 and a one year high of $23.29.
Several large investors have recently modified their holdings of the stock. Warburg Pincus LLC bought a new stake in shares of Brigham Minerals in the second quarter worth $275,554,000. Nuveen Asset Management LLC bought a new stake in shares of Brigham Minerals in the second quarter worth $19,202,000. BlackRock Inc. bought a new stake in shares of Brigham Minerals in the second quarter worth $16,834,000. Vanguard Group Inc. bought a new stake in shares of Brigham Minerals in the second quarter worth $12,755,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Brigham Minerals in the second quarter worth $10,600,000. Institutional investors and hedge funds own 57.70% of the company’s stock.
About Brigham Minerals
Brigham Minerals, Inc owns and operates a portfolio of mineral and royalty interests in the continental United States. The company primarily holds mineral and royalty interests in the Permian Basin in West Texas and New Mexico; the SCOOP/STACK plays in the Anadarko Basin of Oklahoma; the Denver-Julesburg Basin in Colorado; and Wyoming and the Williston Basin in North Dakota.
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