Centennial Resource Development (NASDAQ:CDEV) Stock Price Up 8.1%

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.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 EPS for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The company had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. Centennial Resource Development’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. On average, research analysts anticipate that Centennial Resource Development Inc will post 0.32 EPS for the current fiscal year.

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.

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