Why Centennial Resource Development Stock Dipped at the Open on June 26
Shares of U.S. onshore exploration and production company Centennial Resource Development (NASDAQ: CDEV) dropped sharply in early trading on Wall Street. By about 11 a.m. Wall Street time, the stock was down roughly 6%. Big moves are hardly unusual for Centennial these days, with the shares down by about 5% over the past month despite being up over 100% at one point during that relatively short span.
There was no particular news out of the oil and natural gas company, but there were two things on investors' minds today. First, and perhaps most important, West Texas Intermediate (WTI) oil prices, a key U.S. oil benchmark, started to decline as Wall Street opened for the day. Since Centennial's top and bottom lines are tied to energy prices, it fell along with oil.
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Source Fool.com
