Centennial Resource Development Inc. [NASDAQ: CDEV] stock went on a downward path that fall over -1.19% on Tuesday, amounting to a one-week price decrease of less than -4.95%. The company report on August 4, 2021 that Centennial Resource Development Announces Second Quarter 2021 Results.
Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) announced second quarter 2021 financial and operational results.
Recent Financial and Operational Highlights.
Over the last 12 months, CDEV stock rose by 504.92%. The one-year Centennial Resource Development Inc. stock forecast points to a potential upside of 11.99. The average equity rating for CDEV stock is currently 3.30, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.44 billion, with 278.94 million shares outstanding and 182.64 million shares in the current float. Compared to the average trading volume of 8.16M shares, CDEV stock reached a trading volume of 6764876 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Centennial Resource Development Inc. [CDEV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CDEV shares is $5.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CDEV stock is a recommendation set at 3.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Citigroup have made an estimate for Centennial Resource Development Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 16, 2021. While these analysts kept the previous recommendation, UBS raised their target price from $7.50 to $8.50. The new note on the price target was released on June 30, 2021, representing the official price target for Centennial Resource Development Inc. stock.
The Average True Range (ATR) for Centennial Resource Development Inc. is set at 0.41, with the Price to Sales ratio for CDEV stock in the period of the last 12 months amounting to 2.48. The Price to Book ratio for the last quarter was 0.54, with the Price to Cash per share for the same quarter was set at 0.04. Price to Free Cash Flow for CDEV in the course of the last twelve months was 10.11 with Quick ratio for the last quarter at 0.40.
CDEV Stock Performance Analysis:
Centennial Resource Development Inc. [CDEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.95. With this latest performance, CDEV shares dropped by -27.47% in over the last four-week period, additionally plugging by 69.15% over the last 6 months – not to mention a rise of 504.92% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CDEV stock in for the last two-week period is set at 35.34, with the RSI for the last a single of trading hit 30.16, and the three-weeks RSI is set at 39.81 for Centennial Resource Development Inc. [CDEV]. The present Moving Average for the last 50 days of trading for this stock 6.12, while it was recorded at 5.20 for the last single week of trading, and 3.67 for the last 200 days.
Insight into Centennial Resource Development Inc. Fundamentals:
Centennial Resource Development Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.40 and a Current Ratio set at 0.40.
Centennial Resource Development Inc. [CDEV] Insider Position Details
There are presently around $869 million, or 63.90% of CDEV stock, in the hands of institutional investors. The top three institutional holders of CDEV stocks are: RIVERSTONE HOLDINGS LLC with ownership of 83,459,210, which is approximately 0% of the company’s market cap and around 3.40% of the total institutional ownership; VANGUARD GROUP INC, holding 10,147,019 shares of the stock with an approximate value of $50.63 million in CDEV stocks shares; and STATE STREET CORP, currently with $31.95 million in CDEV stock with ownership of nearly 3043.2% of the company’s market capitalization.
96 institutional holders increased their position in Centennial Resource Development Inc. [NASDAQ:CDEV] by around 36,735,188 shares. Additionally, 39 investors decreased positions by around 22,741,048 shares, while 21 investors held positions by with 114,640,218 shares. The mentioned changes placed institutional holdings at 174,116,454 shares, according to the latest SEC report filing. CDEV stock had 54 new institutional investments in for a total of 15,700,816 shares, while 9 institutional investors sold positions of 4,967,789 shares during the same period.