Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[Timothy Smith]

$DVN - Devon Energy (NYSE:DVN) -6.8% premarket after upsizing its public offering to 69M common shares, with an underwriters option to purchase an additional 10.35M shares, and pricing the offering at $18.75/share.

The offering, first announced after yesterday's close, originally was sized at 55M shares.

RBC Capital cuts its price target on DVN to $35 from $50, noting that management seemed to imply in its Q4 earnings call that an equity raise was not necessary, but the offering looks like a reaction to current market conditions and improves liquidity for an oil price recovery (Briefing.com).