Centennial Resource Development Inc (Nasdaq:CDEV) Hits 52 Week Low

CDEV
CDEV

Centennial Resource Development Inc (Nasdaq:CDEV)

June 12th, 2019

Amidst falling markets Centennial Resource Development Inc finished Wednesday’s trading session down 5.51%, a ($0.39) decrease to close on $6.69. As well as the drop in value, Centennial Resource Development Inc hit a new 52 week low of $6.62, breaking the previous low of $7.01 from earlier this month. Be aware that the Altman Z-Score1 (An indicator of the probability for a 2-year bankruptcy) is below the recommended threshold of 1.8%, and calculated to be 1.31.

CDEV was outperformed by the rest of the Energy sector which went down only -1.44%.

Market Sectors

The market sectors were mixed Wednesday with a majority of the sectors trending up. Utilities saw the biggest increase of the day (1.33%), while the Energy sector saw the biggest drop (-1.44%). Information Technology has seen the biggest year-to-date gain of 23.06%.

Utilities saw the biggest turn-around compared to its 5-day performance (-0.31%), as it went up by 1.33%. Energy and Financials both saw turn-arounds from their five day positive performances with Energy dropping -1.44%.

Sector Breakdown

  • Utilities, up 1.33%.
  • Healthcare, up 0.51%.
  • Materials, up 0.31%.
  • Real Estate, up 0.26%.
  • Industrials, up 0.20%.
  • Consumer Staples, up 0.04%.
  • Consumer Discretionary, down -0.11%.
  • Communication Services, down -0.28%.
  • Information Technology, down -0.58%.
  • Financials, down -0.95%.
  • Energy, down -1.44%.

Centennial Resource Development Inc Info

Centennial Resource Development, Inc., an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico. As of December 31, 2018, it leased or acquired approximately 80,223 net acres; and owned 1,597 net mineral acres in the Delaware Basin. The company was formerly known as Silver Run Acquisition Corporation and changed its name to Centennial Resource Development, Inc. in October 2016. Centennial Resource Development, Inc. was incorporated in 2015 and is headquartered in Denver, Colorado.

All amounts in USD unless otherwise indicated

(1) The Altman Z-Score calculation was first published in 1968 by Edward I. Altman, and is used for predicting the probability that a firm will go into bankruptcy within two years. An Altman Z-Score below 1.8 (Remember that Centennial Resource Development Inc’s score is 1.31) is the trigger to be alert for this situation. Some analysts believe this score is less relevant for some companies, in particular companies operating to accumulate users that may run at huge losses to scale up.

CDEV daily update
CDEV daily update

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