Crescent Energy falls on $1 bln equity raise for Devon deal
BUZZ-Crescent Energy falls on $1 bln equity raise for Devon deal ** Crescent Energy's CRGY.N shares down 1% at $12.88 premarket on Fri after $1 bln M&A-related follow-on priced
** Houston, Texas-based shale producer late Thurs announced 80 mln shares at $12.50, a 3.9% discount to their last sale
** CRGY to use net proceeds to fund $4.2 bln acquisition of Devon Energy's DVN.N Eagle Ford oil and gas assets
** An affiliate of KKR KKR.N, which owns approx 7.9% stake in CRGY, to buy 40 mln offering shares
** JP Morgan, KKR Capital Markets, Raymond James, Evercore and Wells Fargo Securities leading the offering
** With ~330.4 mln shares outstanding, CRGY has $4.3 bln market cap
** Stock finished down 3.4% on Thurs, trimming YTD gain to 55%
** 13 of 16 analysts rate the stock "strong buy" or "buy", 2 rate "hold" and 1 recommends "sell"; median PT $18.50, per LSEG
** DVN shares down 1.4% at $48.22 before the bell. They rose 2.2% on Thurs, boosting 2026 advance to ~34%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))