CLR - Why Penn Virginia Continental Resources and Marathon Oil All Took a Nosedive Today
Shares of U.S.-focused energy and exploration company Penn Virginia Corporation (NASDAQ: PVAC) fell as much as 16% on June 9. Fellow onshore drillers Continental Resources (NYSE: CLR) and Marathon Oil Corporation (NYSE: MRO) fell roughly 13.5% and 11%, respectively, at their lowest points. By roughly 3 p.m. EDT, the trio had clawed back some of those losses, but still remained materially lower on the day, with Continental and Marathon down around 10% and Penn Virginia off by about 15%.
That comes after a series of big days, notably on June 8. Indeed, over the past five days, Penn Virginia was up 37%, Continental Resources 33%, and Marathon Oil 30%. Clearly, investors' moods went from positive to negative overnight. That's largely related to big-picture issues facing oil stocks today.
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