Northern Trust Corp increased its stake in Centennial Resource Development Inc (NASDAQ:CDEV) by 8.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 795,246 shares of the oil and natural gas company’s stock after purchasing an additional 61,533 shares during the quarter. Northern Trust Corp’s holdings in Centennial Resource Development were worth $14,593,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in CDEV. M&T Bank Corp purchased a new position in Centennial Resource Development during the first quarter worth about $197,000. Tokio Marine Asset Management Co. Ltd. purchased a new position in Centennial Resource Development during the first quarter worth about $248,000. Quantitative Systematic Strategies LLC purchased a new position in Centennial Resource Development during the first quarter worth about $260,000. Invictus RG purchased a new position in Centennial Resource Development during the fourth quarter worth about $264,000. Finally, Becker Capital Management Inc. purchased a new position in Centennial Resource Development during the first quarter worth about $267,000. Institutional investors own 90.05% of the company’s stock.
In related news, CFO George S. Glyphis bought 15,000 shares of the stock in a transaction dated Monday, June 4th. The stock was bought at an average price of $16.79 per share, with a total value of $251,850.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Brent P. Jensen bought 4,500 shares of the stock in a transaction dated Friday, May 25th. The stock was bought at an average cost of $17.75 per share, with a total value of $79,875.00. Following the purchase, the vice president now owns 91,203 shares in the company, valued at approximately $1,618,853.25. The disclosure for this purchase can be found here. Insiders own 31.00% of the company’s stock.
Centennial Resource Development opened at $18.06 on Monday, according to Marketbeat.com. Centennial Resource Development Inc has a 12-month low of $14.21 and a 12-month high of $22.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $4.99 billion, a PE ratio of 36.86, a PEG ratio of 0.49 and a beta of 1.49.
Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Wednesday, May 9th. The oil and natural gas company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.07. Centennial Resource Development had a return on equity of 4.20% and a net margin of 22.55%. The firm had revenue of $215.90 million during the quarter, compared to analysts’ expectations of $197.38 million. equities research analysts expect that Centennial Resource Development Inc will post 0.86 EPS for the current year.
Several research firms recently commented on CDEV. ValuEngine upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. BidaskClub upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Friday, March 23rd. National Alliance Securities restated a “hold” rating on shares of Centennial Resource Development in a research report on Saturday, June 2nd. BMO Capital Markets upgraded Centennial Resource Development from a “market perform” rating to an “outperform” rating and set a $22.00 target price for the company in a research report on Tuesday, March 13th. Finally, Johnson Rice began coverage on Centennial Resource Development in a research report on Wednesday, March 21st. They set a “buy” rating and a $25.00 target price for the company. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $23.89.
Centennial Resource Development Profile
Centennial Resource Development, Inc, together with its subsidiary, Centennial Resource Production, LLC, operates as an independent oil and natural gas company in the United States. It focuses on the development of unconventional oil and associated liquids-rich natural gas reserves located in the Permian Basin.
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