Centennial Resource Development Inc (NASDAQ:CDEV) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 23,048,518 shares, an increase of 23.9% from the August 15th total of 18,608,230 shares. Based on an average daily trading volume, of 1,544,995 shares, the short-interest ratio is presently 14.9 days. Approximately 12.7% of the company’s stock are short sold.
A number of brokerages recently issued reports on CDEV. BidaskClub upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. TD Securities started coverage on shares of Centennial Resource Development in a research note on Thursday, July 5th. They issued a “buy” rating and a $23.00 price target for the company. TheStreet upgraded shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. ValuEngine upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. Finally, Susquehanna Bancshares assumed coverage on shares of Centennial Resource Development in a research note on Wednesday, July 11th. They set a “neutral” rating and a $21.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Centennial Resource Development currently has an average rating of “Buy” and an average price target of $24.53.
CDEV stock traded down $0.46 during trading on Monday, hitting $21.74. The company had a trading volume of 1,782,400 shares, compared to its average volume of 2,367,549. The company has a market capitalization of $6.03 billion, a P/E ratio of 77.75 and a beta of 1.28. Centennial Resource Development has a fifty-two week low of $15.78 and a fifty-two week high of $23.12. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.13.
Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. Centennial Resource Development had a net margin of 24.55% and a return on equity of 5.68%. The business had revenue of $217.76 million during the quarter, compared to the consensus estimate of $220.58 million. During the same quarter in the prior year, the company posted $0.09 earnings per share. The company’s quarterly revenue was up 139.1% compared to the same quarter last year. Equities analysts anticipate that Centennial Resource Development will post 0.95 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of CDEV. Wells Fargo & Company MN lifted its holdings in Centennial Resource Development by 49.8% in the 1st quarter. Wells Fargo & Company MN now owns 183,139 shares of the oil and natural gas company’s stock valued at $3,361,000 after acquiring an additional 60,844 shares during the last quarter. Rhumbline Advisers lifted its holdings in Centennial Resource Development by 22.3% in the 1st quarter. Rhumbline Advisers now owns 147,674 shares of the oil and natural gas company’s stock valued at $2,710,000 after acquiring an additional 26,948 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in Centennial Resource Development in the 1st quarter valued at about $1,793,000. State Board of Administration of Florida Retirement System lifted its holdings in Centennial Resource Development by 17.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 158,782 shares of the oil and natural gas company’s stock valued at $2,914,000 after acquiring an additional 23,603 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in Centennial Resource Development in the 1st quarter valued at about $197,000. 94.38% of the stock is owned by institutional investors.
Centennial Resource Development Company Profile
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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