Shares of Centennial Resource Development Inc (NASDAQ:CDEV) rose 8.1% during mid-day trading on Friday . The stock traded as high as $4.29 and last traded at $4.28, approximately 7,709,700 shares traded hands during trading. An increase of 99% from the average daily volume of 3,871,720 shares. The stock had previously closed at $3.96.
CDEV has been the topic of several analyst reports. Royal Bank of Canada set a $10.00 price objective on Centennial Resource Development and gave the stock a “buy” rating in a report on Wednesday, August 7th. Jefferies Financial Group downgraded Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Monday, July 15th. JPMorgan Chase & Co. downgraded Centennial Resource Development from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $10.00 in a report on Friday, June 7th. Wells Fargo & Co initiated coverage on Centennial Resource Development in a report on Monday, May 20th. They issued a “market perform” rating and a $12.00 price target for the company. Finally, ValuEngine downgraded Centennial Resource Development from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $14.09.
The stock has a market capitalization of $1.09 billion, a P/E ratio of 8.61, a P/E/G ratio of 6.72 and a beta of 1.90. The stock has a 50 day moving average of $6.11 and a 200 day moving average of $8.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.53 and a current ratio of 0.53.
In related news, CFO George S. Glyphis acquired 50,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the purchase, the chief financial officer now directly owns 493,195 shares in the company, valued at $2,313,084.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 31.30% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Centennial Resource Development by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 17,223,220 shares of the oil and natural gas company’s stock worth $130,724,000 after acquiring an additional 689,128 shares during the period. BlackRock Inc. lifted its holdings in shares of Centennial Resource Development by 1.3% in the second quarter. BlackRock Inc. now owns 8,528,703 shares of the oil and natural gas company’s stock valued at $64,733,000 after buying an additional 111,187 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in shares of Centennial Resource Development by 17.8% in the first quarter. Frontier Capital Management Co. LLC now owns 5,066,515 shares of the oil and natural gas company’s stock valued at $44,535,000 after buying an additional 764,828 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Centennial Resource Development by 18.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,560,405 shares of the oil and natural gas company’s stock valued at $39,235,000 after buying an additional 542,778 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Centennial Resource Development by 22.4% in the second quarter. JPMorgan Chase & Co. now owns 3,268,219 shares of the oil and natural gas company’s stock valued at $23,891,000 after buying an additional 597,778 shares during the period. Hedge funds and other institutional investors own 99.64% of the company’s stock.
About Centennial Resource Development (NASDAQ:CDEV)
Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.
Featured Story: Understanding Compound Annual Growth Rate (CAGR)
Receive News & Ratings for Centennial Resource Development Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Resource Development and related companies with MarketBeat.com's FREE daily email newsletter.