Shares of QEP Resources Inc QEP were trading lower by more than 5 percent Monday morning after the company announced a stock offering of 33 million shares.
QEP Resources priced its 33 million share offering at $10.00 per share. The company has also granted underwriters an option to purchase up to 4.95 million additional shares.
Shares of QEP Resources closed for trading at $10.76 on Friday.
QEP Resources stated that the net proceeds from the offering will be used for general corporate purposes which may include reducing its debt load, acquiring properties and funding a portion of its exploration and production activities.
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