Insider Buying: Centennial Resource Development Inc (NASDAQ:CDEV) CFO Purchases 25,000 Shares of Stock

Centennial Resource Development Inc (NASDAQ:CDEV) CFO George S. Glyphis bought 25,000 shares of the stock in a transaction dated Monday, September 14th. The shares were acquired at an average price of $0.54 per share, for a total transaction of $13,500.00. Following the completion of the purchase, the chief financial officer now directly owns 2,298,821 shares in the company, valued at $1,241,363.34. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

CDEV stock traded up $0.07 during mid-day trading on Wednesday, reaching $0.67. 12,846,430 shares of the company traded hands, compared to its average volume of 12,966,554. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market capitalization of $185.72 million, a P/E ratio of -0.31 and a beta of 6.77. Centennial Resource Development Inc has a 52-week low of $0.24 and a 52-week high of $5.75. The company has a fifty day moving average price of $0.76 and a 200-day moving average price of $0.86.

Centennial Resource Development (NASDAQ:CDEV) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.01). The company had revenue of $90.51 million for the quarter, compared to analysts’ expectations of $83.38 million. Centennial Resource Development had a negative net margin of 69.80% and a negative return on equity of 3.91%. As a group, analysts forecast that Centennial Resource Development Inc will post -0.9 EPS for the current year.

A number of equities research analysts have recently commented on CDEV shares. TD Securities lowered their target price on Centennial Resource Development from $0.95 to $0.80 and set a “reduce” rating on the stock in a research note on Wednesday, August 5th. Wells Fargo & Company cut Centennial Resource Development from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $1.00 to $1.25 in a research note on Monday. Royal Bank of Canada reiterated a “hold” rating and set a $1.50 target price on shares of Centennial Resource Development in a research note on Thursday, August 6th. Scotiabank lifted their target price on Centennial Resource Development to $0.80 and gave the stock a “sector underperform” rating in a research note on Monday, July 13th. Finally, Zacks Investment Research cut Centennial Resource Development from a “buy” rating to a “hold” rating and set a $2.00 price objective on the stock. in a research note on Monday, June 8th. Nine equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $2.14.

Hedge funds have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. purchased a new position in Centennial Resource Development during the 2nd quarter valued at about $26,000. Tudor Investment Corp Et Al grew its holdings in Centennial Resource Development by 194.2% during the 1st quarter. Tudor Investment Corp Et Al now owns 93,551 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 61,756 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Centennial Resource Development during the 1st quarter valued at about $28,000. 20 20 Capital Management Inc. purchased a new position in Centennial Resource Development during the 1st quarter valued at about $78,000. Finally, Atom Investors LP grew its holdings in Centennial Resource Development by 337.5% during the 2nd quarter. Atom Investors LP now owns 121,674 shares of the oil and natural gas company’s stock valued at $108,000 after buying an additional 93,861 shares in the last quarter. 68.26% of the stock is owned by institutional investors and hedge funds.

Centennial Resource Development Company Profile

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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