(Nasdaq:CDEV) Centennial Resource Development Inc Dips To New 52 Week Low

CDEV
CDEV

Centennial Resource Development Inc (Nasdaq:CDEV)

June 13th, 2019

Amidst rising markets Centennial Resource Development Inc went up $0.20 Thursday which equals a 2.99% increase, closing at $6.89. Despite ending the day higher, Centennial Resource Development Inc hit a new 52 week low of $6.60, breaking the previous low of $6.62 from earlier this month. In addition to finishing higher, trading volumes were solid at 229.00% of normal which can indicate investors see opportunities. 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 outperformed the rest of the Energy sector which went up 1.25% today.

Market Sectors

The market sectors were mixed Thursday with a majority of the sectors trending up. Energy saw the biggest increase of the day (1.25%), while the Healthcare sector saw the biggest drop (-0.11%). 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 0.15%. Healthcare saw a turn-around from its 5-day performance of 2.18% trading down -0.11%.

Sector Breakdown

  • Energy, up 1.25%.
  • Communication Services, up 1.14%.
  • Consumer Discretionary, up 0.90%.
  • Materials, up 0.58%.
  • Industrials, up 0.54%.
  • Financials, up 0.23%.
  • Information Technology, up 0.22%.
  • Utilities, up 0.15%.
  • Consumer Staples, up 0.11%.
  • Real Estate, up 0.09%.
  • Healthcare, down -0.11%.

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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