BUZZ - Crescent Energy shares fall as it raises 1.1 billions in equity to acquire Devon
路透社2026/10/09 11:30October 9 - Crescent Energy (CRGY.N) shares fell 1% to $12.88 in premarket trading on Friday after the company priced and completed a $1 billion follow-on offering related to an acquisition. The Houston, Texas-based shale oil and gas producer announced late Thursday that it would issue 80 million shares at $12.50 each, representing a 3.9% discount to its most recent closing price. CRGY will use the net proceeds from the offering to help fund its $4.2 billion acquisition of Devon Energy's (DVN.N) Eagle Ford oil and gas assets. A KKR (KKR.N) affiliate, which owns about 7.9% of CRGY, will subscribe to 40 million new shares. JPMorgan, KKR Capital Markets, Raymond James, Evercore, and Wells Fargo Securities will act as joint book-running managers for the offering. CRGY has approximately 330.4 million shares outstanding, with a market capitalization of $4.3 billion. The stock closed down 3.4% on Thursday, narrowing its year-to-date gain to 55%. According to data from London Stock Exchange Group (LSEG), 13 out of 16 analysts rate the stock as "strong buy" or "buy," 2 rate it "hold" and 1 recommends "sell," with a median price target of $18.50. DVN's shares were down 1.4% in premarket trading at $48.22. DVN rose 2.2% on Thursday, bringing its cumulative gain in 2026 to about 34%. (For the convenience of non-English speakers, Reuters has automated the translation of its reports into several other languages. Since automated translation may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts and provides them solely for reader convenience. Reuters accepts no liability for any damage or loss caused by the use of automated translation.)
October 9 - ** Crescent Energy (CRGY.N) shares fell 1% in premarket trading on Friday, at $12.88, after the company priced a $1 billion follow-on offering related to an acquisition.
** The Houston, Texas-based shale oil and gas producer announced late Thursday it will issue 80 million shares at $12.50 per share (link), a 3.9% discount compared to its latest traded price.
(link) ** CRGY will use the net proceeds from this offering to fund the $4.2 billion acquisition of Devon Energy’s (DVN.N) Eagle Ford oil and gas assets.
** A KKR (KKR.N) affiliate (holding about 7.9% of CRGY shares) will subscribe for 40 million new shares.
** JPMorgan, KKR Capital Markets, Raymond James, Evercore, and Wells Fargo Securities will serve as lead underwriters for this offering.
** CRGY has approximately 330.4 million outstanding shares, with a market capitalization of $4.3 billion.
** CRGY closed down 3.4% on Thursday, with year-to-date gains narrowing to 55%.
** According to data from London Stock Exchange Group (LSEG), 13 out of 16 analysts rate the stock as "strong buy" or "buy," 2 rate it "hold," and 1 suggests "sell"; the median target price is $18.50.
** DVN shares were down 1.4% in premarket trading at $48.22. The stock rose 2.2% on Thursday, expanding its cumulative gain in 2026 to about 34%.
(For the convenience of non-English speakers, Reuters automates the translation of its reports into several other languages. Since automated translation may have errors or lack the required context, Reuters does not guarantee the accuracy of automated translation texts and provides them solely for readers’ convenience. Reuters assumes no responsibility for any damages or losses arising from the use of the automated translation function.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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