Diversified Energy slides on secondary offering launch

** Shares of oil and gas co Diversified Energy DEC.N down 7.6% in extended trading to $14.24 after secondary offering launch

** Birmingham, Alabama-based firm says ~5.7 mln shares to be sold by entities managed by EIG Energy and FS/KKR KKR.N

** Mizuho and Raymond James are joint bookrunners for the offering, joined by Citigroup

** With ~77.9 mln shares outstanding, co has $1.2 bln market cap

** DEC shares on Tues finished up 1.4% at $15.41, trimming YTD loss to ~8%

** 5 of 6 analysts rate the stock "strong buy" or "buy" and 1 has "hold" rating; median PT is $19, per LSEG