DNR - Why Chesapeake Energy Centennial Resource Development and Denbury Resources Fell Sharply on Wednesday
Shares of U.S. energy driller Chesapeake Energy (NYSE: CHK) fell nearly 18% at the open of trading on June 10. Peers Centennial Resource Development (NASDAQ: CDEV) and Denbury Resources (NYSE: DNR) were down even more, losing as much as 21% and 22%, respectively, in the first half hour of trading on Wall Street.
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This is the second day in a row these stocks have been hit hard out of the gate. But despite the significant pullbacks, Chesapeake is still higher by around 50% over the past five days. Centennial is up roughly 30% over that span. And Denbury has held on to a gain of around 85%. The three stocks have seen investors go from risk on to risk off, but there still appears to be some long-term excitement around the shares.