Why QEP Resources Stock Cratered 20% on July 30
Shares of U.S. onshore energy company QEP Resources (NYSE: QEP) fell about 20% in early trading on July 30. The big news was earnings, which were released after the close on July 29. The stock action alone will tell you the news wasn't very good.
QEP Resources, like many other oil and gas companies focused on the U.S. shore space, is getting hit hard by low energy prices. The economic shutdowns enacted around the world to slow the spread of COVID-19 have led to a material decline in demand for oil, at a time when supply was already a little high. Energy prices have collapsed, actually falling below zero at one point earlier in 2020.
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Source Fool.com
