CENTENNIAL RES (NASDAQ:CDEV) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $15.20, but opened at $15.88. CENTENNIAL RES shares last traded at $16.59, with a volume of 3,639,005 shares trading hands.

The oil and natural gas company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05. The company had revenue of $91.06 million during the quarter, compared to analyst estimates of $76.03 million.

Several analysts recently commented on the stock. J P Morgan Chase & Co assumed coverage on shares of CENTENNIAL RES in a research report on Tuesday, August 1st. They issued an “overweight” rating and a $19.00 price target for the company. BMO Capital Markets set a $17.00 price target on shares of CENTENNIAL RES and gave the company a “hold” rating in a research report on Monday, June 26th. Scotiabank reiterated an “outperform” rating and issued a $21.00 price target on shares of CENTENNIAL RES in a research report on Saturday, July 22nd. Zacks Investment Research upgraded shares of CENTENNIAL RES from a “sell” rating to a “hold” rating and set a $18.00 price target for the company in a research report on Tuesday, May 23rd. Finally, Scotia Howard Weill assumed coverage on shares of CENTENNIAL RES in a research report on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the stock. CENTENNIAL RES has an average rating of “Buy” and a consensus price target of $22.09.

In other CENTENNIAL RES news, COO Sean R. Smith purchased 10,000 shares of CENTENNIAL RES stock in a transaction that occurred on Monday, June 5th. The stock was purchased at an average price of $15.05 per share, for a total transaction of $150,500.00. Following the transaction, the chief operating officer now directly owns 21,540 shares in the company, valued at $324,177. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the company. Laurion Capital Management LP purchased a new position in shares of CENTENNIAL RES during the first quarter worth approximately $1,543,000. FMR LLC increased its position in shares of CENTENNIAL RES by 22.0% in the first quarter. FMR LLC now owns 30,658,838 shares of the oil and natural gas company’s stock worth $554,836,000 after buying an additional 5,518,614 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of CENTENNIAL RES by 38.3% in the first quarter. Neuberger Berman Group LLC now owns 1,996,753 shares of the oil and natural gas company’s stock worth $36,401,000 after buying an additional 552,753 shares during the last quarter. Schroder Investment Management Group increased its position in shares of CENTENNIAL RES by 0.8% in the first quarter. Schroder Investment Management Group now owns 1,854,732 shares of the oil and natural gas company’s stock worth $33,496,000 after buying an additional 15,334 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of CENTENNIAL RES during the first quarter worth approximately $423,000.

The stock has a market capitalization of $3.44 billion, a P/E ratio of 240.43 and a beta of 2.14. The company has a 50-day moving average price of $15.67 and a 200 day moving average price of $17.07.

ILLEGAL ACTIVITY NOTICE: This story was originally posted by Daily Political and is the sole property of of Daily Political. If you are accessing this story on another publication, it was illegally stolen and republished in violation of U.S. and international copyright legislation. The correct version of this story can be read at https://www.dailypolitical.com/2017/08/09/centennial-res-nasdaqcdev-shares-gap-up-after-better-than-expected-earnings.html.

About CENTENNIAL RES

Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.

Receive News & Ratings for CENTENNIAL RES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CENTENNIAL RES and related companies with MarketBeat.com's FREE daily email newsletter.