Centennial Resource Development Inc (NASDAQ:CDEV) CFO Purchases $234,500.00 in Stock

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Centennial Resource Development Inc (NASDAQ:CDEV) CFO George S. Glyphis bought 50,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $4.69 per share, with a total value of $234,500.00. Following the completion of the purchase, the chief financial officer now owns 493,195 shares of the company’s stock, valued at $2,313,084.55. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

CDEV opened at $3.96 on Friday. The business’s 50 day moving average is $6.18 and its 200-day moving average is $8.76. The stock has a market cap of $1.25 billion, a PE ratio of 5.28, a price-to-earnings-growth ratio of 7.62 and a beta of 1.90. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.27. Centennial Resource Development Inc has a twelve month low of $3.92 and a twelve month high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. The business had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. During the same period last year, the firm posted $0.24 EPS. The business’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, analysts forecast that Centennial Resource Development Inc will post 0.33 EPS for the current year.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Centennial Resource Development by 4.2% during the second quarter. Vanguard Group Inc. now owns 17,223,220 shares of the oil and natural gas company’s stock worth $130,724,000 after purchasing an additional 689,128 shares in the last quarter. BlackRock Inc. raised its holdings in Centennial Resource Development by 1.3% during the second quarter. BlackRock Inc. now owns 8,528,703 shares of the oil and natural gas company’s stock worth $64,733,000 after purchasing an additional 111,187 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in Centennial Resource Development by 17.8% during the first quarter. Frontier Capital Management Co. LLC now owns 5,066,515 shares of the oil and natural gas company’s stock worth $44,535,000 after purchasing an additional 764,828 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Centennial Resource Development by 18.0% during the fourth 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. Finally, JPMorgan Chase & Co. raised its holdings in Centennial Resource Development by 22.4% during the second quarter. JPMorgan Chase & Co. now owns 3,268,219 shares of the oil and natural gas company’s stock worth $23,891,000 after purchasing an additional 597,778 shares in the last quarter. 99.64% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have commented on CDEV. Royal Bank of Canada set a $10.00 target price on Centennial Resource Development and gave the company a “buy” rating in a research note on Wednesday, August 7th. Piper Jaffray Companies began coverage on Centennial Resource Development in a research note on Monday, July 8th. They issued a “neutral” rating and a $8.00 target price for the company. Barclays restated a “hold” rating and issued a $9.00 target price on shares of Centennial Resource Development in a research note on Tuesday, July 2nd. Wells Fargo & Co began coverage on Centennial Resource Development in a research note on Monday, May 20th. They issued a “market perform” rating and a $12.00 target price for the company. Finally, BidaskClub downgraded Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Centennial Resource Development presently has an average rating of “Hold” and a consensus price target of $14.09.

About Centennial Resource Development

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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