The oil and gas company has priced a public offering of 44 million shares of its common stock at $20 per share.
Cabot Oil & Gas has granted its underwriters the option to purchase as much as 6.6 million additional shares.
The company plans to put the proceeds toward general corporate purposes such as repaying some of its debt, bolstering liquidity and funding part of its capital program, according to a statement.
Also weighing on shares, oil prices are plummeting today after Saudi Oil Minister Ali Al-Naimi ruled out production cuts.
About 48.34 million shares of Cabot Oil & Gas have been traded so far today, well above the company's average trading volume of roughly 10.46 million shares per day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.
Cabot Oil & Gas's weaknesses include its disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: COG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.