Centennial Resource Development Inc. (NASDAQ: CDEV)’s Stock Market Position Could Improve In The Coming Months

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In today’s recent session, 1.56 million shares of the Centennial Resource Development Inc. (NASDAQ:CDEV) have been traded, and its beta is 6.10. Most recently the company’s share price was $6.91, and it changed around $0.18 or 2.67% from the last close, which brings the market valuation of the company to $2.04B. CDEV at last check was trading at a discount to its 52-week high of $8.29, offering almost -19.97% off that amount. The share price’s 52-week low was $1.03, which indicates that the recent value has risen by an impressive 85.09% since then. We note from Centennial Resource Development Inc.’s average daily trading volume that its 10-day average is 4.84 million shares, with the 3-month average coming to 6.10 million.

Centennial Resource Development Inc. stock received a consensus recommendation rating of a Hold, based on a mean score of 3.10. If we narrow it down even further, the data shows that 3 out of 15 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 9 recommended CDEV as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Centennial Resource Development Inc. is expected to report earnings per share of $0.18 for the current quarter.

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Instantly CDEV has been showing a green trend so far today with a performance of 2.67% on intraday trading today. The performance over the last five days has remained in the red territory. The rise to weekly highs of 7.38 on Monday, 11/22/21 increased the stock’s daily price by 6.37%. The company’s shares are currently up 348.67% year-to-date, but still down -7.55% over the last five days. On the other hand, Centennial Resource Development Inc. (NASDAQ:CDEV) is -6.53% down in the 30-day period. We can see from the shorts that 23.08 million shares have been sold at a short interest cover period of 2.83 day(s).

The consensus price target as assigned by Wall Street analysts is $8.32, which translates to bulls needing to increase their stock price by 16.95% from its current value. Analyst projections state that CDEV is forecast to be at a low of $6.00 and a high of $11.00. In order for the stock price to hit the forecast high, the stock would need to plunge -59.19% from its current level, while the stock would need to crash 13.17% from its current level to reach the projected low.

Centennial Resource Development Inc. (CDEV) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2021 revenue estimates. The rating firms predict that it will gain 194.70% in revenue this quarter, and will report an increase of 159.40% in the next quarter. The year-over-year growth rate is expected to be 51.70%, up from the previous year.

Consensus estimates provided by 11 financial analysts predict the company will bring in an average of $240.06 million in revenue for the current quarter. 11 analysts expect Centennial Resource Development Inc. to make $240.98 million in revenue for the quarter ending Dec 2021. The company’s sales for the same quarters a year ago were $149.1 million and $148.08 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 61.00%. Forecasts for the next quarter put sales growth at 62.70%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -26.30%. Centennial Resource Development Inc. earnings are expected to increase by 106.10% in 2021, but the outlook is positive 6.00% per year for the next five years.

CDEV Dividends

Centennial Resource Development Inc.’s next quarterly earnings report is expected to be released around February 21 and February 25.

Centennial Resource Development Inc. (NASDAQ:CDEV)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 4.70% of Centennial Resource Development Inc. shares, and 63.87% of them are in the hands of institutional investors. The stock currently has a share float of 67.02%. Centennial Resource Development Inc. stock is held by 174 institutions, with Riverstone Holdings LLC being the largest institutional investor. By Mar 30, 2021, it held 29.89% of the shares, which is about 83.46 million shares worth $350.53 million.

Vanguard Group, Inc. (The), with 3.63% or 10.15 million shares worth $42.62 million as of Mar 30, 2021, holds the second largest percentage of outstanding shares.

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SPDR (R) Ser Tr-SPDR (R) S&P (R) Oil & Gas Explor & Prod ETF and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of May 30, 2021. The former held 6.09 million shares worth $32.21 million, making up 2.18% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 5.07 million shares worth around $21.29 million, which represents about 1.82% of the total shares outstanding.