Centennial Resource Development (NASDAQ:CDEV) Reaches New 1-Year Low at $2.92

Centennial Resource Development Inc (NASDAQ:CDEV)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $2.92 and last traded at $2.97, with a volume of 5882 shares changing hands. The stock had previously closed at $3.04.

CDEV has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating and set a $5.50 target price on the stock in a research report on Monday, September 9th. Barclays upgraded Centennial Resource Development from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $9.00 to $6.00 in a research report on Friday, August 30th. Seaport Global Securities lowered Centennial Resource Development from a “buy” rating to a “neutral” rating in a research note on Thursday, October 10th. SunTrust Banks decreased their target price on Centennial Resource Development from $8.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, Guggenheim set a $7.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $10.09.

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 market capitalization of $820.53 million, a price-to-earnings ratio of 3.95, a P/E/G ratio of 2.53 and a beta of 1.86. The firm’s 50-day moving average is $3.40 and its 200 day moving average is $5.39.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $227.52 million. Analysts predict that Centennial Resource Development Inc will post 0.13 EPS for the current year.

In related news, CFO George S. Glyphis purchased 30,000 shares of Centennial Resource Development stock in a transaction dated Monday, November 18th. The stock was purchased at an average cost of $3.10 per share, for a total transaction of $93,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 538,195 shares of the company’s stock, valued at $1,668,404.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven J. Shapiro purchased 25,000 shares of the stock in a transaction dated Friday, November 8th. The stock was bought at an average cost of $3.39 per share, with a total value of $84,750.00. Following the transaction, the director now owns 34,567 shares in the company, valued at $117,182.13. The disclosure for this purchase can be found here. Insiders have acquired a total of 190,500 shares of company stock worth $642,680 over the last ninety days. Company insiders own 31.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new stake in shares of Centennial Resource Development during the third quarter worth approximately $67,000. Verition Fund Management LLC purchased a new stake in Centennial Resource Development during the second quarter valued at approximately $79,000. Whittier Trust Co. of Nevada Inc. raised its position in Centennial Resource Development by 18.7% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 22,199 shares of the oil and natural gas company’s stock valued at $100,000 after purchasing an additional 3,491 shares during the period. Signition LP lifted its stake in shares of Centennial Resource Development by 32.4% in the 3rd quarter. Signition LP now owns 22,560 shares of the oil and natural gas company’s stock valued at $102,000 after purchasing an additional 5,521 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at approximately $116,000.

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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