Morning Stock Review: Centennial Resource Development, Inc. (NASDAQ: CDEV)

On 05 Dec 2019, Centennial Resource Development, Inc. stock identified change of 16.78% away from 52-week low price and recently located move of -78.54% off 52-week high price. It has market worth of $980.31M. CDEV stock has been recorded -3.79% away from 50 day moving average and -48.23% away from 200 day moving average. Moving closer, we can see that shares have been trading 4.53% off 20-day moving average.

Centennial Resource Development, Inc (CDEV) recently reported financial and operational results for the third quarter 2019.

Financial Results

For the third quarter 2019, Centennial stated a net loss of $3.6M, or $0.01 per diluted share, contrast to net income of $39.3M, or $0.15 per diluted share, in the previous year period.

Average daily crude oil production increased 17 percent to 42,079 barrels of oil per day (“Bbls/d”) contrast to the previous year period. Average total equivalent production increased 21 percent contrast to the previous year period.

“Our team continues to do an outstanding job driving operational efficiencies, resulting in reduced cycle times and well costs. Year-to-date, we have meaningfully reduced both drilling and completion costs,” stated Mark G. Papa, Chairman and Chief Executive Officer. “These cost reductions, combined with continued, above average well performance have allowed us for the second consecutive quarter to increase our full-year production targets without altering our original capital expenditure budget.”

“During the quarter, we reduced our spud to rig release cycle times by twenty-six percent contrast to last year, while increasing our completed stages per day by twenty-nine percent,” Papa stated. “These operational efficiencies, in addition to service cost deflation, have resulted in lower drilling and completion costs. We will work to further drive down costs and increase efficiencies as we move into next year.”

The Basic Materials sector company, Centennial Resource Development, Inc. noticed change of 1.49% to $3.41 along volume of 9521910 shares in recent session compared to an average volume of 7381.55K. CDEV’s shares are at -25.38% for the quarter and driving a -78.65% return over the course of the past year and is now at -69.06% since this point in 2018. The average volatility for the week at 7.67% and for month was at 7.58%. Right now, the stock beta is 1.87.

 

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