Cabot Oil & Gas Reports 38 Million Share Offering, Stock Loses 5%

Shares of Cabot Oil & Gas Corporation COG were trading lower by more than 5 percent early Tuesday morning after the company announced a public offering of its common stock. Cabot Oil & Gas reported after Monday's market close that it has priced an upsized public offering of 44 million shares of its common stock at a price of $20.00 per share. The company has granted its underwriters the option to acquire up to 6.6 million additional shares. Cabot Oil & Gas closed on Monday at $21.54. The company noted that it plans on using the proceeds for general corporate purposes, including repaying some of its debt, bolstering liquidity and funding a portion of its capital program.