Centennial Resource Development (NASDAQ:CDEV) Sees Strong Trading Volume

Centennial Resource Development Inc (NASDAQ:CDEV) saw an uptick in trading volume on Monday . 23,504,088 shares were traded during mid-day trading, an increase of 440% from the previous session’s volume of 4,352,703 shares.The stock last traded at $5.80 and had previously closed at $4.41.

Several research firms have recently commented on CDEV. JPMorgan Chase & Co. downgraded Centennial Resource Development from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $10.00 in a report on Friday, June 7th. Guggenheim set a $7.00 price objective on Centennial Resource Development and gave the stock a “buy” rating in a report on Wednesday, August 21st. Zacks Investment Research upgraded Centennial Resource Development from a “sell” rating to a “hold” rating and set a $5.50 price objective on the stock in a report on Monday, September 9th. 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. Finally, ValuEngine downgraded Centennial Resource Development from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.21.

The company has a 50-day simple moving average of $4.75 and a two-hundred day simple moving average of $7.57. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market capitalization of $1.29 billion, a P/E ratio of 6.40, a PEG ratio of 8.02 and a beta of 1.99.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.01). The firm had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. As a group, research analysts forecast that Centennial Resource Development Inc will post 0.31 earnings per share for the current fiscal year.

In other news, CFO George S. Glyphis acquired 50,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $4.69 per share, with a total value of $234,500.00. Following the transaction, the chief financial officer now 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 is available at this link. Insiders own 31.30% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CDEV. Dimensional Fund Advisors LP boosted its position in shares of Centennial Resource Development by 18.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,560,405 shares of the oil and natural gas company’s stock worth $39,235,000 after purchasing an additional 542,778 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Centennial Resource Development by 5.4% in the 4th quarter. Geode Capital Management LLC now owns 1,993,483 shares of the oil and natural gas company’s stock worth $21,967,000 after purchasing an additional 102,502 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Centennial Resource Development by 7,891.2% in the 1st quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock worth $72,000 after purchasing an additional 8,049 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Centennial Resource Development in the 1st quarter worth approximately $264,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Centennial Resource Development by 21.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,670,441 shares of the oil and natural gas company’s stock worth $23,474,000 after purchasing an additional 478,565 shares in the last quarter. 97.52% of the stock is currently owned by hedge funds and other institutional investors.

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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