Keenan W. Howard Jr., a director at Solaris Energy Infrastructure, Inc. (NASDAQ:SEI), has sold a significant portion of his holdings in the company. The sale comes as SEI's stock has experienced a remarkable 275% gain year-to-date, despite a recent 10% decline over the past week, according to InvestingPro data. According to a recent filing, Howard sold 975,000 shares of Class A common stock on December 16 at a net price of $24.0075 per share, amounting to approximately $23.4 million. This transaction was part of a public underwritten offering related to the underwriters' exercise of their option to purchase additional shares. The company, currently valued at $1.66 billion, trades at a P/E ratio of 62.2 and maintains a "GOOD" financial health score based on InvestingPro's comprehensive analysis of 14+ key metrics. Following this sale, Howard reported no remaining shares of Class A common stock directly owned.
Additionally, Howard was involved in transactions related to the conversion and cancellation of shares, but these did not involve any monetary exchange. The transactions and holdings are primarily linked to Yorktown Energy Partners X, L.P., with Howard serving as a member and manager of its general partner.
In other recent news, Solaris Energy Infrastructure has priced a public offering of 6.5 million shares at $24.75 each, which is expected to yield around $156 million in net proceeds. The funds raised will be used for the expansion of power generation equipment, including the purchase of new natural gas turbines. Yorktown Energy Partners X, L.P., a selling stockholder, has also granted underwriters a 30-day option to buy up to an additional 975,000 shares at the same price.
In recent developments, Solaris Energy Infrastructure's shareholders approved the acquisition of Mobile Energy Rentals and the company has provided a $29.75 million loan to facilitate the purchase of power generation equipment. The company also announced that COO, Kelly Price, will retire at the end of the year.
Investment firm Piper Sandler maintained its Overweight rating on Solaris following these developments. Furthermore, Solaris Energy Infrastructure raised its adjusted EBITDA forecast for Q4 2024, now expecting it to be between $36 million and $39 million. These are among the recent developments shaping the trajectory of Solaris Energy Infrastructure.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.