Why Devon Energy, Tellurian, and Borr Drilling Shares Rocketed Higher Today
Shares of shale exploration and production company Devon Energy (NYSE: DVN), natural gas exporter Tellurian (NYSEMKT: TELL), and deepwater-drilling equipment vendor Borr Drilling (NYSE: BORR) were all up strongly on Monday, rising 8.2%, 8.1%, and 10.5%, respectively, as of 3:47 p.m. ET.
Although each of these companies operates in a different corner of the broader energy sector, the entire sector got a lift today. Over the past two weeks, energy-related stocks have sold off hard, as aggressive Federal Reserve rate hikes have prompted fears of a recession.
However, after such a big sell-off, investors got some better-than-expected economic data from the U.S., which seemed to assuage fears that the Fed is hiking rates into a slowdown. Having already sold off so much, energy companies rose across the board.
Source Fool.com
