Crescent Energy dips after launching stock offering to fund Ridgemar deal

Crescent Energy

03/12/2024 22:31

**  Crescent Energy's  CRGY.N  shares down 3.6% at $14.59 in
extended trading after co launches acquisition-related equity
offering
  
    ** Houston-based oil and gas producer  18 mln share offering
to fund  of Ridgemar Energy's Eagle Ford basin assets
  
    ** Crescent could raise around $270 mln, based on stock's
close. CRGY finished Tues up 2.1% at $15.14
  
    ** Wells Fargo, KKR, Raymond James and Evercore leading the
offering
  
    ** Co has ~228.3 mln shares outstanding for roughly $3.5 bln
market cap
  
    ** Crescent's external manager is a  & Co  KKR.N 
  
    ** Through Tues, CRGY up 32% over the past three months,
putting stock up ~15% YTD
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))