Centennial Resource Development Inc (NASDAQ:CDEV) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 13,344,445 shares, an increase of 12.8% from the February 15th total of 11,828,389 shares. Based on an average daily volume of 1,749,220 shares, the days-to-cover ratio is presently 7.6 days.
In related news, Director Us Centennial Holdings Ll Rel sold 21,505,417 shares of the firm’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $19.50, for a total value of $419,355,631.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 31.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CDEV. Magnetar Financial LLC purchased a new position in shares of Centennial Resource Development during the third quarter valued at $72,858,000. Goldman Sachs Group Inc. increased its stake in shares of Centennial Resource Development by 220.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,208,931 shares of the oil and natural gas company’s stock valued at $63,536,000 after buying an additional 2,207,300 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Centennial Resource Development by 8.3% during the third quarter. Neuberger Berman Group LLC now owns 2,981,444 shares of the oil and natural gas company’s stock valued at $53,577,000 after buying an additional 227,753 shares during the period. Tide Point Capital Management LP purchased a new position in shares of Centennial Resource Development during the fourth quarter valued at $35,767,000. Finally, Geode Capital Management LLC increased its stake in shares of Centennial Resource Development by 21.8% during the fourth quarter. Geode Capital Management LLC now owns 1,507,207 shares of the oil and natural gas company’s stock valued at $29,842,000 after buying an additional 269,625 shares during the period. Institutional investors and hedge funds own 91.18% of the company’s stock.
CDEV traded down $0.62 during trading on Monday, reaching $17.73. The company had a trading volume of 1,515,248 shares, compared to its average volume of 1,933,640. Centennial Resource Development has a 52 week low of $14.10 and a 52 week high of $22.14. The company has a market cap of $5,065.13, a PE ratio of 63.32, a P/E/G ratio of 0.58 and a beta of 1.59. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13.
A number of research analysts recently weighed in on CDEV shares. Seaport Global Securities raised shares of Centennial Resource Development from a “neutral” rating to a “buy” rating and set a $19.00 target price for the company in a report on Tuesday, December 19th. Royal Bank of Canada started coverage on shares of Centennial Resource Development in a report on Friday, February 16th. They issued an “outperform” rating and a $26.00 target price for the company. BidaskClub downgraded Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. Imperial Capital restated an “outperform” rating and issued a $31.00 price target (up from $26.00) on shares of Centennial Resource Development in a research report on Wednesday, February 28th. Finally, Credit Suisse Group started coverage on Centennial Resource Development in a research report on Monday, December 11th. They issued an “outperform” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.12.
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About Centennial Resource Development
Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.
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