Why Centennial Resource Development Stock Jumped 13% in Early Trading Today
Shares of U.S. onshore exploration and production (E&P) company Centennial Resource Development (NASDAQ: CDEV) rose just about 13% in the first half-hour of trading on Wednesday. The big jump came following a news release after the market close the day before. It was a pretty good update, overall.
Centennial reported that its lenders had affirmed the E&P's borrowing base, which is tied to the value of its oil and natural gas assets, at $700 million. That, in and of itself, is good to hear, since an energy company facing a reduction in its borrowing base could quickly find itself short of cash. And there was more in the release.
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Source Fool.com
