Why This Small-Cap Oil Stock Plunged Today, Despite a Solid Outlook

·2 min read
Why This Small-Cap Oil Stock Plunged Today, Despite a Solid Outlook

Oil stock Centennial Resource Development (NASDAQ: CDEV) went on a choppy ride on Wednesday, plunging and bouncing through the day. Centennial incurred a big loss during the quarter despite significantly higher oil prices, and that didn't sit well with investors. Centennial's net oil production was substantially lower in Q2, but revenue more than doubled to $232.6 million, thanks to higher average realized prices for oil.

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