Centennial Resource Development (NASDAQ:CDEV) Trading Down 8.6%

Shares of Centennial Resource Development, Inc. (NASDAQ:CDEVGet Rating) traded down 8.6% during trading on Friday . The company traded as low as $7.34 and last traded at $7.34. 238,755 shares were traded during trading, a decline of 98% from the average session volume of 10,700,945 shares. The stock had previously closed at $8.03.

A number of analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. KeyCorp boosted their price target on shares of Centennial Resource Development from $9.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Truist Financial decreased their price target on shares of Centennial Resource Development to $8.00 in a research note on Friday, May 20th. Wells Fargo & Company upgraded shares of Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a research note on Monday, March 14th. Finally, Stifel Nicolaus upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and upped their target price for the stock from $8.40 to $11.20 in a research note on Friday, April 1st. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.40.

The stock’s fifty day moving average is $8.20 and its two-hundred day moving average is $7.73. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $2.05 billion, a PE ratio of 12.32 and a beta of 5.22.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last issued its quarterly earnings results on Wednesday, May 4th. The oil and natural gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.35). Centennial Resource Development had a return on equity of 12.30% and a net margin of 15.92%. During the same quarter in the previous year, the company earned ($0.01) earnings per share. As a group, analysts anticipate that Centennial Resource Development, Inc. will post 2.06 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Squarepoint Ops LLC purchased a new stake in Centennial Resource Development during the fourth quarter valued at about $1,965,000. Fox Run Management L.L.C. purchased a new stake in Centennial Resource Development during the fourth quarter valued at about $91,000. Kestra Private Wealth Services LLC purchased a new stake in Centennial Resource Development during the fourth quarter valued at about $309,000. Rafferty Asset Management LLC lifted its holdings in Centennial Resource Development by 20.6% during the fourth quarter. Rafferty Asset Management LLC now owns 1,275,091 shares of the oil and natural gas company’s stock valued at $7,625,000 after purchasing an additional 218,161 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in Centennial Resource Development during the third quarter valued at about $695,000.

Centennial Resource Development Company Profile (NASDAQ:CDEV)

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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