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Carrizo Oil & Gas (CRZO) Stock Falls After Pricing Upsized Public Offering

NEW YORK (TheStreet) -- Shares of Carrizo Oil & Gas (CRZO - Get Report) were falling 2% to $40.14 with heavy trading volume on Friday after the oil company priced its upsized public offering of 5.5 million shares of common stock.

Carrizo priced the 5.5 million shares in the public offering for gross proceeds of about $211.8 million. The underwriters of the offering were granted an option to buy up to an additional 825,000 shares of common stock.

The public offering was previously announced to be for 5.3 million shares of common stock.

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Carrizo plans to use the proceeds from the offering to repay borrowings under its revolving credit facility and for potential future acquisitions, with a primary focus in the Permian Basin.

About 5.1 million shares of Carrizo were traded by 2:16 p.m. Friday, well above the company's average trading volume of about 1.4 million shares a day.

TheStreet Ratings team rates CARRIZO OIL & GAS INC as a Hold with a...