Why Centennial Resource Development Stock Fell 5% Today
Shares of U.S. onshore energy producer Centennial Resource Development (NASDAQ: CDEV) fell roughly 5% in the first hour of trading on Monday. Although there was no material news out of the company and oil prices were relatively tame, there was one thing that might have tipped the scales of investor sentiment to the negative side.
Centennial Resource Development is an exploration and production company with a fairly balanced mix of oil and natural gas. Black gold made up around 55% of production in the second quarter, with natural gas basically chipping in the rest. That said, 45% is a pretty big number. So, with natural gas prices off by around 5% in early trading today, it was not exactly surprising to see Centennial's shares fall as well.
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Source Fool.com
