On Wednesday, Shares of Citizens Financial Group, Inc. (NYSE:CFG), lost -0.65% to $26.
Citizens Financial Group, declared that The Royal Bank of Scotland Group plc (“RBS”), through a partner, has agreed to sell 86 million shares, or 16%, of CFG’s issued and outstanding common stock at a price to the public of $26.00 per share (the “Offering”). CFG will not be issuing or selling common stock and will not receive any proceeds from the Offering which is predictable to close on August 3, 2015.
The underwriters have a 30-day option to purchase up to an additional 12.9 million shares at the Offering price, less the underwriting discount to cover overallotments, if any.
Upon closing of the Offering, and assuming no exercise of the overallotment, RBS’s ownership stake in CFG common stock will be reduced from 219 million shares, or 40.8%, to 133 million shares, or 24.8%. If the overallotment option is exercised in full, RBS’s remaining stake would be 120.1 million shares, or 22.4%.
Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States. It operates through two segments, Consumer Banking and Commercial Banking.
Shares of ConocoPhillips (NYSE:COP), inclined 1.26% to $52.90, during its last trading session, ahead of the release of the oil company’s second quarter financial results, which are due out before the opening bell in New York on Thursday, July 30.
EARNINGS FORECAST: Net income of 4 cents per share is the consensus of analysts surveyed by Thomson Reuters, contrast with $1.61 a year earlier.
REVENUE FORECAST: Analysts are expecting revenue of $9.6 billion for the period, down 35% from last year’s second quarter revenue of $14.7 billion.
ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. Its portfolio comprises shale and oil sands assets; lower-risk legacy assets in North America, Europe, Asia, and Australia; various international developments; and exploration prospects.
Finally, Orexigen Therapeutics, Inc. (NASDAQ:OREX), ended its last trade with -10.93% loss, and closed at $3.91.
Orexigen Therapeutics will declare corporate and financial results for the second quarter 2015 on Thursday, August 6 before the market opens. Following the declaration, Orexigen will provide a business update and talk about the financial results in a live webcast and conference call at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time).
Orexigen Therapeutics, Inc., a biopharmaceutical company, focuses on the development of pharmaceutical products in the United States. The company offers Contrave for the treatment of obesity. It has a partnership agreement with Takeda Pharmaceutical Company Limited to develop and commercialize Contrave in Canada and Mexico.
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