QEP Resources Falls 5% Following Stock Offering

Shares of QEP Resources Inc (NYSE: QEP) were trading lower by more than 5 percent Monday morning after the company announced a stock offering of 33 million shares.

QEP Resources priced its 33 million share offering at $10.00 per share. The company has also granted underwriters an option to purchase up to 4.95 million additional shares.

Shares of QEP Resources closed for trading at $10.76 on Friday.

QEP Resources stated that the net proceeds from the offering will be used for general corporate purposes which may include reducing its debt load, acquiring properties and funding a portion of its exploration and production activities.