Anadarko shares fall 8 percent after stock offering

May 12th, 2009 - Reuters

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HOUSTON (Reuters) - Anadarko Petroleum Corp (APC.N) stock fell more than 8 percent on Tuesday as investors fearing dilution from a planned stock offering sold shares of the oil and gas company.

Anadarko said on Monday it planned to issue 30 million shares to fund capital spending. The offering priced at $45.50 per share.

Tudor Pickering Holt & Co, an energy research firm based in Houston, lowered its target price on the company to $78 per share from $83 per share, citing dilution.

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