Why Centennial Resource Development Stock Jumped 7% at the Open Today
At the open of trading on March 26, shares of U.S. energy driller Centennial Resource Development (NASDAQ: CDEV) rose 7%. On Thursday, March 25, the stock fell in early trading. And the day before that, March 24, it rose. All of these alternating moves relate to the same general issue.
The direct reason for the stock price moves here is that oil prices have been bobbing up and down in recent days. As an exploration and production company, oil price volatility logically has an impact on Centennial Resource Development's share price. Over the past year or so, in fact, the stock has been fairly volatile, as have oil prices, so the stock moving in sympathy with oil prices, which were on the rise early today, isn't surprising.
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Source Fool.com
