State Street Corp grew its stake in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 17.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,578,216 shares of the oil and natural gas company’s stock after buying an additional 1,102,122 shares during the period. State Street Corp owned 2.74% of Centennial Resource Development worth $34,216,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Earnest Partners LLC lifted its position in shares of Centennial Resource Development by 5.6% during the 2nd quarter. Earnest Partners LLC now owns 239,515 shares of the oil and natural gas company’s stock valued at $1,818,000 after buying an additional 12,655 shares in the last quarter. Swiss National Bank lifted its position in shares of Centennial Resource Development by 19.2% during the 2nd quarter. Swiss National Bank now owns 344,300 shares of the oil and natural gas company’s stock valued at $2,613,000 after buying an additional 55,400 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Centennial Resource Development during the 3rd quarter valued at about $1,361,000. Pinnacle Associates Ltd. lifted its position in shares of Centennial Resource Development by 46.2% during the 2nd quarter. Pinnacle Associates Ltd. now owns 17,100 shares of the oil and natural gas company’s stock valued at $130,000 after buying an additional 5,400 shares in the last quarter. Finally, Schroder Investment Management Group lifted its position in shares of Centennial Resource Development by 35.1% during the 2nd quarter. Schroder Investment Management Group now owns 2,398,510 shares of the oil and natural gas company’s stock valued at $18,204,000 after buying an additional 622,956 shares in the last quarter.
NASDAQ:CDEV opened at $4.12 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.56. Centennial Resource Development Inc has a 1 year low of $2.92 and a 1 year high of $14.21. The stock’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $4.99. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 5.49, a PEG ratio of 3.13 and a beta of 1.86.
Centennial Resource Development (NASDAQ:CDEV) last released 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 Zacks’ consensus estimate 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 firm had revenue of $229.13 million during the quarter, compared to the consensus estimate of $227.52 million. As a group, analysts anticipate that Centennial Resource Development Inc will post 0.13 EPS for the current year.
In other news, CFO George S. Glyphis acquired 30,000 shares of Centennial Resource Development stock in a transaction on Monday, November 18th. The shares were acquired at an average price of $3.10 per share, with a total value of $93,000.00. Following the purchase, the chief financial officer now directly owns 538,195 shares in the company, valued at approximately $1,668,404.50. The transaction was disclosed in a legal filing with the SEC, which is available through . Also, CEO Mark G. Papa acquired 100,000 shares of Centennial Resource Development stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $3.44 per share, for a total transaction of $344,000.00. Following the purchase, the chief executive officer now owns 2,063,817 shares in the company, valued at $7,099,530.48. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 190,500 shares of company stock worth $642,680. Corporate insiders own 31.30% of the company’s stock.
A number of research analysts recently commented on the company. Guggenheim set a $7.00 price target on Centennial Resource Development and gave the stock a “buy” rating in a report on Wednesday, August 21st. raised Centennial Resource Development from a “sell” rating to a “hold” rating and set a $5.50 price target on the stock in a report on Monday, September 9th. TD Securities cut Centennial Resource Development from a “buy” rating to a “hold” rating and lowered their price target for the stock from $8.50 to $6.00 in a report on Thursday, September 5th. Bank of America set a $7.00 price target on Centennial Resource Development and gave the stock a “hold” rating in a report on Tuesday, September 10th. Finally, Barclays cut Centennial Resource Development from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $6.00 to $3.00 in a report on Friday, December 6th. Sixteen analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $9.09.
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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