Stone Energy Corporation (NYSE: SGY)
Stone Energy isn’t having the best of days in the market today. In fact, when the opening bell rang, the stock found itself deep into the red. Since then, we’ve been seen declines as the stock has pushed further and further down. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to SGY ahead.
What We’re Seeing From SGY
As mentioned above, Stone Energy is having an incredibly rough day in the market today. Upon the opening bell, the stock was already trading well into the red. Since then, it has only fallen further and further throughout the beginning of the session. Currently (10:42), SGY is trading at $6.45 per share after a loss of $1.13 per share (14.91%) thus far today.
Why The Stock Is Falling
At first glance, it may seem as though the sky is falling. You may be thinking, something big must be wrong with SGY. However, that’s not the case at all. At the end of the day, what we’re seeing from this stock and many others in the oil and energy sector today is nothing more than natural movement.
You see, for several trading sessions now, Stone Energy Corporation and several others across the sector have been climbing high. This was the result of the OPEC deal. However, the market tends to move in a series of overreactions. Today, investors seem to be taking profits on the sector, bringing the stock down to a more sustainable rate of growth.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SGY and others in the oil and energy sector. Most importantly, we’ll be keeping an eye on supply and demand data surrounding oil following the OPEC meeting and deal. Nonetheless, we’ll keep a close eye on the news and update you as it breaks!
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