Point72 Asset Management L.P. Sells 2,601,604 Shares of Centennial Resource Development Inc (CDEV)

Point72 Asset Management L.P. trimmed its holdings in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 80.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 650,000 shares of the oil and natural gas company’s stock after selling 2,601,604 shares during the quarter. Point72 Asset Management L.P.’s holdings in Centennial Resource Development were worth $11,739,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in CDEV. JPMorgan Chase & Co. increased its position in Centennial Resource Development by 5,006.6% during the first quarter. JPMorgan Chase & Co. now owns 10,711,283 shares of the oil and natural gas company’s stock worth $196,552,000 after acquiring an additional 10,501,529 shares during the period. Frontier Capital Management Co. LLC bought a new position in Centennial Resource Development during the second quarter worth about $81,270,000. Millennium Management LLC increased its position in Centennial Resource Development by 375.0% during the first quarter. Millennium Management LLC now owns 2,232,930 shares of the oil and natural gas company’s stock worth $40,974,000 after acquiring an additional 1,762,800 shares during the period. OppenheimerFunds Inc. bought a new position in Centennial Resource Development during the second quarter worth about $23,479,000. Finally, Neuberger Berman Group LLC increased its position in Centennial Resource Development by 29.6% during the first quarter. Neuberger Berman Group LLC now owns 5,119,911 shares of the oil and natural gas company’s stock worth $93,950,000 after acquiring an additional 1,168,756 shares during the period. 94.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of Centennial Resource Development stock opened at $21.12 on Friday. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 75.43 and a beta of 1.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.89. Centennial Resource Development Inc has a 12-month low of $15.78 and a 12-month high of $22.14.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The firm had revenue of $217.76 million for the quarter, compared to the consensus estimate of $220.58 million. Centennial Resource Development had a net margin of 24.55% and a return on equity of 5.68%. The business’s revenue for the quarter was up 139.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. analysts predict that Centennial Resource Development Inc will post 0.94 EPS for the current fiscal year.

A number of equities analysts recently commented on the stock. BidaskClub raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday. SunTrust Banks raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Friday, September 7th. TheStreet raised shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research report on Friday, August 31st. Barclays began coverage on shares of Centennial Resource Development in a research report on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Centennial Resource Development in a research note on Thursday, August 23rd. They set a “buy” rating and a $23.00 price objective on the stock. Four analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Centennial Resource Development currently has an average rating of “Buy” and an average price target of $24.42.

About Centennial Resource Development

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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Institutional Ownership by Quarter for Centennial Resource Development (NASDAQ:CDEV)

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