EQT Falls 3%, Company Announces Common Stock Offering

Shares of EQT Corporation (NYSE: EQT) fell more than 3 percent early Friday morning after the energy company announced a common stock offering.

EQT said it plans on offering 6.5 million shares of its common stock and has granted its underwriters an option to purchase up to 975,000 additional shares. The company said that it plans on using the proceeds for "general corporate purposes, which may include, among other things, repayment of a portion of our outstanding indebtedness."

Shares of EQT have gained more than 16 percent since the start of 2016 but have lost nearly 25 percent over the past year.