In a notable move, Oak Hill Advisors LP, a significant shareholder in Expro Group Holdings N.V. (NYSE:XPRO), has sold a large portion of its holdings in the company. The transaction, which occurred on May 20, 2024, involved the sale of 2,701,920 shares at a price of $22.25 each. This sale resulted in a total transaction value of approximately $60.1 million.
Oak Hill Advisors, which acts as an investment adviser to various funds and accounts, has reported post-transaction ownership of 11,873,971 shares in Expro Group Holdings. It's important to note that Oak Hill Advisors is a subsidiary of T. Rowe Price Associates, Inc., and according to the footnotes in the SEC filing, the shares sold were held by the Oak Hill Advisory Entities. Oak Hill Advisors has clarified that they disclaim beneficial ownership of these shares beyond their pecuniary interest, if any.
Furthermore, the filing revealed information about restricted stock units held by two Oak Hill Advisors employees, Mr. Eitan Arbeter and Mr. Alan Schrager, who are also members of the board of directors of Expro Group Holdings. These units are held for the benefit of certain Oak Hill Advisors clients, in line with the company's policies.
Investors and market watchers often scrutinize such transactions as they may indicate the investment firm's view on the stock's future performance. However, it's worth considering that sales like these can be part of standard portfolio management practices, including rebalancing and taking profits.
Expro Group Holdings, with a focus on oil and gas field services, has been a player in the energy and transportation sector under its current name since a name change from Frank's International (NYSE:XPRO) N.V. in 2017. The sale by Oak Hill Advisors comes as the latest financial maneuver involving the company's stock, which is publicly traded on the New York Stock Exchange.
InvestingPro Insights
Expro Group Holdings N.V. (NYSE:XPRO) has been making headlines with its recent shareholder movements, and investors are keenly observing the company's financial health and market performance. According to InvestingPro data, Expro Group Holdings boasts a market cap of approximately $2.61 billion, indicating its significant presence in the oil and gas field services sector. The company's revenue growth over the last twelve months as of Q1 2024 stands at a healthy 16.35%, reflecting its ability to expand its operations despite the volatile energy market.
Investors who are tracking Expro Group Holdings may find the InvestingPro Tips particularly insightful. The company holds more cash than debt on its balance sheet, suggesting a strong liquidity position that could provide resilience in uncertain economic times. Additionally, analysts have revised their earnings upwards for the upcoming period, which may signal confidence in the company's future performance. These tips, among others, are available on InvestingPro, with additional insights to help investors make informed decisions.
For those interested in diving deeper into the company's metrics, it's worth noting that Expro Group Holdings has experienced a significant return over the last week, with a price total return of 8.35%. This short-term performance could be indicative of market sentiment and the stock's momentum. To access a full range of InvestingPro Tips for Expro Group Holdings, including those not covered here, visit https://www.investing.com/pro/XPRO. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 additional tips listed on InvestingPro, investors can gain a comprehensive understanding of the company's prospects.
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