Shares of U.S. exploration and production company Callon Petroleum (NYSE: CPE) fell nearly 11% in the first half hour of trading on Sept. 8. Following close behind was SM Energy (NYSE: SM), which dropped just over 10%. Centennial Resource Development (NASDAQ: CDEV) got in on the act as well, with its shares declining as much as 8.5% as trading got underway.
This is really just another day in what has amounted to a really awful year for this trio. At this point, the stocks are all down more than 80% in 2020. While that's up from the worst of the downturn between March and May, it's still a pretty dismal showing and a painful hit for investors. The coronavirus-related economic shutdowns across the world were a big piece of the puzzle, as they led to an extreme decline in demand in the energy sector. In fact, oil prices fell to zero at one point in the year. But this isn't the only issue Callon, SM Energy, and Centennial are facing.
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