Centennial Resource Development (NASDAQ:CDEV) Shares Down 5.4%

Centennial Resource Development Inc (NASDAQ:CDEV) shares dropped 5.4% during mid-day trading on Friday . The company traded as low as $3.80 and last traded at $3.83, approximately 7,481,182 shares traded hands during mid-day trading. An increase of 51% from the average daily volume of 4,943,430 shares. The stock had previously closed at $4.05.

Several equities research analysts recently weighed in on CDEV shares. Barclays cut Centennial Resource Development from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $6.00 to $3.00 in a report on Friday, December 6th. Zacks Investment Research upgraded Centennial Resource Development from a “sell” rating to a “hold” rating and set a $5.50 target price for the company in a report on Monday, September 9th. ValuEngine upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Seaport Global Securities cut Centennial Resource Development from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. Finally, TD Securities cut Centennial Resource Development from a “buy” rating to a “hold” rating and dropped their target price for the company from $8.50 to $6.00 in a report on Thursday, September 5th. Seventeen analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $9.09.

The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $3.45 and a two-hundred day simple moving average of $5.06. The firm has a market cap of $1.12 billion, a PE ratio of 5.11, a PEG ratio of 3.08 and a beta of 1.85.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). Centennial Resource Development had a return on equity of 2.32% and a net margin of 4.08%. The business had revenue of $229.13 million during the quarter, compared to analysts’ expectations of $227.52 million. Equities analysts expect that Centennial Resource Development Inc will post 0.13 earnings per share for the current fiscal year.

In other Centennial Resource Development news, CEO Mark G. Papa acquired 100,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $3.44 per share, for a total transaction of $344,000.00. Following the acquisition, the chief executive officer now owns 2,063,817 shares in the company, valued at approximately $7,099,530.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO George S. Glyphis acquired 30,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price of $3.10 per share, with a total value of $93,000.00. Following the acquisition, the chief financial officer now owns 538,195 shares in the company, valued at approximately $1,668,404.50. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 190,500 shares of company stock valued at $642,680. Company insiders own 31.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP raised its position in shares of Centennial Resource Development by 32.8% in the 1st quarter. First Trust Advisors LP now owns 562,517 shares of the oil and natural gas company’s stock worth $4,945,000 after acquiring an additional 138,857 shares in the last quarter. Aperio Group LLC raised its position in shares of Centennial Resource Development by 82.6% in the 2nd quarter. Aperio Group LLC now owns 52,828 shares of the oil and natural gas company’s stock worth $401,000 after acquiring an additional 23,891 shares in the last quarter. Stephens Inc. AR raised its position in shares of Centennial Resource Development by 20.9% in the 2nd quarter. Stephens Inc. AR now owns 26,000 shares of the oil and natural gas company’s stock worth $197,000 after acquiring an additional 4,500 shares in the last quarter. Swiss National Bank raised its position in shares of Centennial Resource Development by 19.2% in the 2nd quarter. Swiss National Bank now owns 344,300 shares of the oil and natural gas company’s stock worth $2,613,000 after acquiring an additional 55,400 shares in the last quarter. Finally, Teton Advisors Inc. raised its position in shares of Centennial Resource Development by 23.3% in the 2nd quarter. Teton Advisors Inc. now owns 133,100 shares of the oil and natural gas company’s stock worth $1,010,000 after acquiring an additional 25,177 shares in the last quarter.

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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