CENTENNIAL RES (NASDAQ:CDEV) Shares Gap Up After Better-Than-Expected Earnings
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.
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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.
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