Centennial Resource Development Inc (NASDAQ:CDEV) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 27,604,955 shares, an increase of 13.0% from the October 15th total of 24,432,821 shares. Approximately 15.2% of the shares of the stock are short sold. Based on an average trading volume of 1,782,294 shares, the short-interest ratio is presently 15.5 days.
CDEV has been the subject of a number of research reports. ValuEngine cut shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Thursday. KLR Group restated a “buy” rating and set a $29.00 target price on shares of Centennial Resource Development in a research report on Monday, August 20th. BidaskClub cut shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Royal Bank of Canada set a $30.00 price objective on shares of Centennial Resource Development and gave the company a “buy” rating in a research report on Monday, October 1st. Finally, Barclays started coverage on shares of Centennial Resource Development in a research report on Wednesday, August 29th. They issued an “overweight” rating and a $24.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $24.89.
NASDAQ:CDEV opened at $18.54 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $5.50 billion, a PE ratio of 66.21 and a beta of 1.51. Centennial Resource Development has a 1-year low of $15.78 and a 1-year high of $23.12.
Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The firm had revenue of $234.88 million during the quarter, compared to analyst estimates of $239.43 million. Centennial Resource Development’s revenue was up 110.4% compared to the same quarter last year. Research analysts anticipate that Centennial Resource Development will post 0.94 earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. First Manhattan Co. increased its position in Centennial Resource Development by 59.0% during the second quarter. First Manhattan Co. now owns 1,108,557 shares of the oil and natural gas company’s stock worth $20,020,000 after purchasing an additional 411,366 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Centennial Resource Development during the second quarter worth approximately $1,468,000. Rhumbline Advisers increased its position in Centennial Resource Development by 15.7% during the second quarter. Rhumbline Advisers now owns 170,805 shares of the oil and natural gas company’s stock worth $3,085,000 after purchasing an additional 23,131 shares during the last quarter. First Trust Advisors LP acquired a new position in Centennial Resource Development during the second quarter worth approximately $3,162,000. Finally, Victory Capital Management Inc. increased its position in Centennial Resource Development by 13.3% during the second quarter. Victory Capital Management Inc. now owns 110,707 shares of the oil and natural gas company’s stock worth $1,999,000 after purchasing an additional 12,977 shares during the last quarter. 94.31% of the stock is owned by hedge funds and other institutional investors.
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About Centennial Resource Development
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.
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