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Author Bio
Reuben Gregg Brewer believes dividends are a window into a company s soul. He tries to invest in good souls.
What happened
Shares of U.S. onshore exploration and production company
Centennial Resource Development (NASDAQ:CDEV) fell a little more than 13% when trading began on Dec. 21. Although the stock quickly gained back some of that loss, it was still off by roughly 9% at 10 a.m. EST.
So what
The development and approval of effective coronavirus vaccines helped to turn the energy sector higher in recent weeks. Oil prices reached levels not seen since the first quarter of 2020, before the pandemic had really started to hit the markets, showing just how positive investors had become on vaccine-related news. That makes some sense, since demand would presumably recover once a vaccine is distributed widely enough to have an impact on the trajectory of the pandemic.