Why Centennial Resource Development Stock Fell 5.5% at the Open Today
Shares of U.S. exploration and production company Centennial Resource Development (NASDAQ: CDEV) opened to the downside today, dropping as much as 5.5% in the first few minutes of trading. The stock's decline was likely driven by investor concerns over the OPEC meeting that is taking place.
Centennial is a small and heavily leveraged U.S. energy company. Its stock has been quite volatile of late, rising and falling in dramatic fashion based on investor sentiment. At times there's real news backing a price gain or downdraft, and at times the stock moves for seemingly no reason at all. Today, however, investors appear concerned about OPEC.
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Source Fool.com
