Bonanza Creek Energy Inc (NYSE: BCEI)
Bonanza Creek Energy is having an incredibly strong start to today’s trading session. When the opening bell rang, the stock quickly found its way to the green. From there, we’ve seen a continuation of strong upward movement pushing the stock higher and higher. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to BCEI ahead.
What We’re Seeing From BCEI
As mentioned above, Bonanza Creek Energy is having an incredibly strong day in the market today. As soon as the opening bell rang, the stock was already seeing impressive gains. Since then, the stock has been climbing higher and higher. As a result, BCEI is currently (10:08) trading at $2.22 per share after a gain of $0.34 per share (17.77%) thus far today.
Why The Stock Is Climbing
Our partners at Trade Ideas were the first to inform us of the gains in BCEI. As soon as they did, the CNA Finance team went to work to see exactly what was causing the movement. The truth is that there has been no fundamental news released by the company that would lead to such gains. However, on an industry-wide level, the gains are understandable.
At the end of the day, the energy industry has been doing incredibly well lately, and Bonanza Creek Energy is taking its piece of the pie. Following oil output cuts from OPEC and non-OPEC member nations, the excitement in the industry is understandable, and it’s exactly what’s causing the movement in the stock today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BCEI and others in the oil and energy sector. In particular, we’ll be watching for data with regard to oil supply and demand and other sector-wide news that could lead to movement. We’ll watch the news closely and bring it to you as it breaks.
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[Image Courtesy of Adventure Jay]