Why Centennial Resource Development Stock Fell 13% at the Open Today
Shares of U.S. onshore exploration and production company Centennial Resource Development (NASDAQ: CDEV) fell a little more than 13% when trading began on Dec. 21. Although the stock quickly gained back some of that loss, it was still off by roughly 9% at 10 a.m. EST.
The development and approval of effective coronavirus vaccines helped to turn the energy sector higher in recent weeks. Oil prices reached levels not seen since the first quarter of 2020, before the pandemic had really started to hit the markets, showing just how positive investors had become on vaccine-related news. That makes some sense, since demand would presumably recover once a vaccine is distributed widely enough to have an impact on the trajectory of the pandemic.
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Source Fool.com