Centennial Res (NASDAQ:CDEV) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 21,600,330 shares, an increase of 20.9% from the June 15th total of 17,864,392 shares. Based on an average trading volume of 2,355,388 shares, the days-to-cover ratio is currently 9.2 days. Approximately 32.0% of the company’s stock are sold short.
A number of brokerages have weighed in on CDEV. Stifel Nicolaus began coverage on Centennial Res in a research report on Wednesday, April 12th. They set a “buy” rating and a $24.00 price target on the stock. Zacks Investment Research downgraded Centennial Res from a “hold” rating to a “sell” rating in a research report on Thursday, April 13th. Wunderlich boosted their price target on Centennial Res from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, March 23rd. BMO Capital Markets reissued a “market perform” rating and set a $21.00 price target on shares of Centennial Res in a research report on Monday, April 3rd. Finally, Tudor Pickering reissued a “buy” rating and set a $29.00 price target on shares of Centennial Res in a research report on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Centennial Res has a consensus rating of “Buy” and an average target price of $23.00.
Centennial Res (NASDAQ CDEV) opened at 16.27 on Wednesday. Centennial Res has a 12 month low of $10.02 and a 12 month high of $20.97. The firm has a market cap of $3.37 billion, a P/E ratio of 235.80 and a beta of 2.12. The firm’s 50-day moving average price is $15.22 and its 200-day moving average price is $17.26.
In other Centennial Res news, COO Sean R. Smith purchased 10,000 shares of the stock in a transaction on Monday, June 5th. The shares were purchased at an average price of $15.05 per share, with a total value of $150,500.00. Following the completion of the transaction, the chief operating officer now directly owns 21,540 shares in the company, valued at $324,177. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 44.70% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of CDEV. Washington Trust Bank purchased a new position in Centennial Res during the first quarter valued at approximately $224,000. Fayez Sarofim & Co boosted its position in Centennial Res by 1.9% in the first quarter. Fayez Sarofim & Co now owns 13,350 shares of the oil and natural gas company’s stock valued at $243,000 after buying an additional 250 shares in the last quarter. Credit Suisse AG purchased a new position in Centennial Res during the first quarter valued at approximately $283,000. Howard Hughes Medical Institute boosted its position in Centennial Res by 15.4% in the first quarter. Howard Hughes Medical Institute now owns 17,237 shares of the oil and natural gas company’s stock valued at $314,000 after buying an additional 2,296 shares in the last quarter. Finally, Koch Industries Inc. purchased a new position in Centennial Res during the first quarter valued at approximately $325,000.
Centennial Res Company Profile
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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