Why Centennial Resource Development, QEP Resources, and Northern Oil and Gas Rocketed as Much as 20% Thursday
Shares of U.S. onshore oil and gas company Centennial Resource Development (NASDAQ: CDEV) hit a high of 13% on Oct. 8. Peer QEP Resources (NYSE: QEP) basically matched that, also rising as much as 13%. But both of these exploration and production names were easily outdone by Northern Oil and Gas (NYSEMKT: NOG), which owns pieces of oil and natural gas properties but doesn't operate them itself. Northern rocketed to a nearly 21% gain at one point in the day.
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By the 4 p.m. EDT closing bell Thursday, Centennial was still holding on to nearly all of the day's gains. QEP closed the session with a 10.5% advance, a little off its highs. And Northern Oil and Gas was up by about 17.5%. The big news was related to oil prices, but there's a little more to understand here.
Source Fool.com
