Centennial Resource Development (NASDAQ:CDEV) Shares Gap Down to $4.76

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Centennial Resource Development Inc (NASDAQ:CDEV)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $4.84, but opened at $4.76. Centennial Resource Development shares last traded at $4.67, with a volume of 447,191 shares changing hands.

Several research firms recently weighed in on CDEV. Royal Bank of Canada set a $10.00 price target on Centennial Resource Development and gave the company a “buy” rating in a report on Wednesday, August 7th. Piper Jaffray Companies set a $6.00 price target on Centennial Resource Development and gave the company a “hold” rating in a report on Friday, August 16th. SunTrust Banks upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and increased their price target for the company from $5.00 to $8.00 in a report on Monday. MKM Partners began coverage on Centennial Resource Development in a report on Wednesday, September 4th. They set a “buy” rating and a $7.00 price target on the stock. Finally, Barclays upgraded Centennial Resource Development from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $9.00 to $6.00 in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.21.

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.27. The business has a 50 day simple moving average of $4.71 and a two-hundred day simple moving average of $7.52. The firm has a market cap of $1.30 billion, a PE ratio of 6.29, a price-to-earnings-growth ratio of 10.54 and a beta of 1.98.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. The business had revenue of $244.24 million during the quarter, compared to analysts’ expectations of $232.70 million. During the same quarter in the previous year, the business earned $0.24 EPS. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts forecast that Centennial Resource Development Inc will post 0.31 earnings per share for the current year.

In other Centennial Resource Development news, CFO George S. Glyphis bought 50,000 shares of Centennial Resource Development stock in a transaction on Friday, August 9th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $234,500.00. Following the completion of the purchase, the chief financial officer now directly owns 493,195 shares in the company, valued at approximately $2,313,084.55. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 31.30% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Carroll Financial Associates Inc. increased its stake in shares of Centennial Resource Development by 895.5% during the second quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 3,000 shares during the period. Hilton Capital Management LLC purchased a new position in shares of Centennial Resource Development during the first quarter valued at $47,000. Bank of Montreal Can increased its stake in shares of Centennial Resource Development by 7,891.2% during the first quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock valued at $72,000 after buying an additional 8,049 shares during the period. Twin Tree Management LP increased its stake in shares of Centennial Resource Development by 6,540.4% during the first quarter. Twin Tree Management LP now owns 9,031 shares of the oil and natural gas company’s stock valued at $79,000 after buying an additional 8,895 shares during the period. Finally, Verition Fund Management LLC purchased a new position in shares of Centennial Resource Development during the second quarter valued at $79,000. Institutional investors and hedge funds own 97.52% of the company’s stock.

Centennial Resource Development Company Profile (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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