Devon Energy Trading Lower After Public Offering

Shares of Devon Energy Corp DVN were trading lower by more than 6 percent early Thursday morning after the company announced a public offering of its common stock.

Devon Energy announced it will offer 69 million shares of its common stock at a price to the public of $18.75. The company will use the proceeds for general corporate purposes, including "bolstering" its liquidity position, reducing its level of debt and funding its capital program.

Devon Energy also granted its underwriters an option to purchase an additional 10.35 million shares at the underwriters' election.

The offering is expected to close on February 22, 2016.