Now I`m like WFT if the market was open 5min longer it would`ve easily sliced right thru 18. The rate of decline from 18.60 down to 18 was stunning to say the least, you would think there properties are worth zero at that pace.
Just day traders cutting their losses by closing out positions. Antero Resources (AR) dropped and closed around $4 on the first day of trading. Recently fell back down a little above where it opened after IPO, but it didn't take long for it to go from losing $4 to hitting $10 above opening share price. If EPE continues the freefall on Tuesday, I'd be worried. It was, however, trading higher than close price in after hours markets. Some big buys as high as $18.57. Last trade was $18.30. Rules of trading - don't panic and don't be greedy.
Amazing thing is that RSPP debuted the same day and went up 3.33%. On a per share basis RSPP is higher priced for acreage, per proven BOE and per flowing barrel. I think a lot may depend on how many shares the banks managing the IPO and the insiders who have a low historic basis decide to dump right away. I think in both cases the IPOs were less than 10% of the outstanding shares.