Why PBF Energy, Centennial Resource Development, and Transocean Rallied Today
Shares of onshore U.S. oil driller Centennial Resource Development (NASDAQ: CDEV) rose as much as 7% in the first 90 minutes of trading today. Going along for the ride were energy services companies Core Laboratories (NYSE: CLB) and Transocean (NYSE: RIG), which witnessed price peaks of roughly 5% and 13%, respectively. Refiner PBF Energy (NYSE: PBF) got in on the action, too, with a gain of just over 11%.
Although all four of the stocks had cooled some by 11 a.m. EDT, each was still holding on to some advances. PBF Energy and Transocean were holding up the best, up 9% and 10.5%, respectively. Part of the story here was higher oil prices, but a broader mood shift in the energy space probably helped as well.
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Source Fool.com
