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

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Centennial Resource Development Inc (NASDAQ:CDEV)’s share price fell 5.4% during trading on Tuesday . The stock traded as low as $3.02 and last traded at $3.15, 7,618,300 shares traded hands during mid-day trading. An increase of 34% from the average session volume of 5,700,982 shares. The stock had previously closed at $3.33.

Several brokerages have commented on CDEV. SunTrust Banks dropped their price target on shares of 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. ValuEngine cut shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. BidaskClub cut shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research report on Friday, September 20th. Bank of America set a $7.00 price target on shares of Centennial Resource Development and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Finally, Piper Jaffray Companies set a $6.00 price target on shares of Centennial Resource Development and gave the stock a “hold” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, sixteen have given 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 a consensus rating of “Hold” and an average target price of $10.09.

The company has a fifty day simple moving average of $3.55 and a 200-day simple moving average of $5.79. 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 stock has a market cap of $921.55 million, a price-to-earnings ratio of 4.35, a P/E/G ratio of 2.56 and a beta of 1.91.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). The company had revenue of $229.13 million for the quarter, compared to analyst estimates of $227.52 million. Centennial Resource Development had a return on equity of 2.32% and a net margin of 4.08%. As a group, analysts anticipate that Centennial Resource Development Inc will post 0.14 earnings per share for the current year.

In other Centennial Resource Development news, CEO Mark G. Papa bought 100,000 shares of the stock in a transaction on Friday, November 15th. The shares were bought at an average price of $3.44 per share, with a total value of $344,000.00. Following the purchase, the chief executive officer now directly owns 2,063,817 shares in the company, valued at approximately $7,099,530.48. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven J. Shapiro bought 25,000 shares of the stock in a transaction on Monday, November 11th. The shares were acquired at an average cost of $3.45 per share, for a total transaction of $86,250.00. Following the purchase, the director now owns 34,567 shares in the company, valued at $119,256.15. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 190,500 shares of company stock worth $642,680. Company insiders own 31.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. raised its holdings in Centennial Resource Development by 13.0% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 18,708 shares of the oil and natural gas company’s stock worth $142,000 after buying an additional 2,159 shares during the period. Carroll Financial Associates Inc. grew its position in shares of Centennial Resource Development by 895.5% in the 2nd 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 last quarter. Whittier Trust Co. lifted its stake in shares of Centennial Resource Development by 3.0% in the 3rd quarter. Whittier Trust Co. now owns 111,977 shares of the oil and natural gas company’s stock valued at $505,000 after purchasing an additional 3,301 shares during the period. State of Tennessee Treasury Department lifted its stake in shares of Centennial Resource Development by 4.4% in the 3rd quarter. State of Tennessee Treasury Department now owns 95,692 shares of the oil and natural gas company’s stock valued at $432,000 after purchasing an additional 4,014 shares during the period. Finally, Stephens Inc. AR lifted its stake 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 valued at $197,000 after purchasing an additional 4,500 shares during the period. 98.85% of the stock is currently owned by 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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