Why Chesapeake Energy and Other E&P Stocks Skyrocketed on June 5

Shares of Chesapeake Energy (NYSE: CHK) were higher by more than 70% as trading was set to close on Wall Street on June 5. But it wasn't the only energy stock to see huge gains. Fellow exploration and production company SM Energy (NYSE: SM) was higher by more than 28%, with Centennial Resource Development (NASDAQ: CDEV) up 25%, and Matador Resources (NYSE: MTDR) 22%. Magnolia Oil & Gas (NYSE: MGY) and PDC Energy (NASDAQ: PDCE) lagged behind but still had gains of 15% and 10%, respectively.

Pulling up the rear today was Crescent Point Energy (NYSE: CPG) with a roughly 9% gain, but this stock's high for the day was a little bit more impressive than that at 13.5%.

Clearly, there was some good news in the oil patch.

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Source Fool.com