Unitil falls after unveiling planned $65 mln stock sale

Unitil Corp's UTL.N shares down 4.8% to $46.76 on thin post-market volume as utility looks to raise equity

New Hampshire-based electricity and natural gas provider announces $65 mln stock offering

It intends to use net offering proceeds to make equity capital contributions to its regulated utility subsidiaries, repay indebtedness, and for general corporate purposes

Wells Fargo and Scotia Capital are active bookrunners for the offering, joined by Janney Montgomery as bookrunner

UTL has ~16.29 mln shares outstanding for about $800 mln market cap

Shares, which went x-dividend on Thurs, closed down 1.6% at $49.12, down ~9% YTD

Both analysts covering UTL are bullish with PTs of $56 and $63, LSEG data shows