TD Securities downgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a report issued on Thursday, September 5th, BayStreet.CA reports. TD Securities currently has $6.00 target price on the oil and natural gas company’s stock, down from their prior target price of $8.50.
Other research analysts also recently issued reports about the stock. Piper Jaffray Companies set a $6.00 price target on shares of Centennial Resource Development and gave the company a hold rating in a report on Friday, August 16th. Barclays raised shares of 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 note on Friday, August 30th. Royal Bank of Canada set a $10.00 price objective on shares of Centennial Resource Development and gave the stock a buy rating in a research note on Wednesday, August 7th. MKM Partners assumed coverage on shares of Centennial Resource Development in a research note on Wednesday, September 4th. They issued a buy rating and a $7.00 target price on the stock. Finally, ValuEngine downgraded shares of Centennial Resource Development from a sell rating to a strong sell rating in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $10.03.
CDEV stock traded down $0.04 during midday trading on Thursday, reaching $4.48. 261,306 shares of the company’s stock traded hands, compared to its average volume of 6,647,323. The company has a 50-day simple moving average of $4.85 and a two-hundred day simple moving average of $7.73. Centennial Resource Development has a 1-year low of $3.92 and a 1-year high of $23.12. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 5.97, a PEG ratio of 8.69 and a beta of 1.98. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.27.
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 analyst estimates of $232.70 million. During the same period in the prior year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. Equities research analysts forecast that Centennial Resource Development will post 0.31 EPS for the current year.
In related news, CFO George S. Glyphis purchased 50,000 shares of Centennial Resource Development stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $4.69 per share, with a total value of $234,500.00. Following the purchase, the chief financial officer now directly owns 493,195 shares of the company’s stock, valued at approximately $2,313,084.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 31.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Verition Fund Management LLC acquired a new stake in Centennial Resource Development during the 2nd quarter valued at approximately $79,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Centennial Resource Development by 1,433.1% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock worth $175,000 after purchasing an additional 21,496 shares during the period. Voloridge Investment Management LLC lifted its holdings in Centennial Resource Development by 24.8% in the second quarter. Voloridge Investment Management LLC now owns 292,862 shares of the oil and natural gas company’s stock valued at $2,223,000 after acquiring an additional 58,105 shares during the period. Nuveen Asset Management LLC acquired a new stake in Centennial Resource Development in the second quarter valued at $5,066,000. Finally, Jane Street Group LLC acquired a new stake in Centennial Resource Development in the second quarter valued at $150,000. 97.52% of the stock is currently owned by institutional investors and hedge funds.
Centennial Resource Development Company Profile
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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