Why Centennial Resource Development, SM Energy, and Callon Petroleum Each Jumped 5% Today
Shares of onshore U.S. exploration and production company Centennial Resource Development (NASDAQ: CDEV) rose as much as 5% on Feb. 4. The stock had pared that a touch to a 4% rise by roughly 2:30 p.m. EST. However, Centennial wasn't alone. For example, Callon Petroleum (NYSE: CPE) rose over 5% at the open, lost most of the gain, and then started to turn higher again. By 2:30 p.m. the price was up around 3%. SM Energy (NYSE: SM), meanwhile, basically trended higher through most of the day, reaching a gain of roughly 6% by 2:30 p.m.
The news driving these U.S. energy companies wasn't complicated. Oil and natural gas prices were on the rise, and as you would expect, investors bid up the shares of the companies that produce the fuels. Nothing special about that.
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