Centennial Res (NASDAQ:CDEV) Sees Large Growth in Short Interest
Centennial Res (NASDAQ:CDEV) was the target of a large increase in short interest in July. As of July 31st, there was short interest totalling 25,139,442 shares, an increase of 12.3% from the July 14th total of 22,391,650 shares. Currently, 32.2% of the company’s stock are short sold. Based on an average trading volume of 1,314,420 shares, the days-to-cover ratio is presently 19.1 days.
CDEV has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Centennial Res from a “hold” rating to a “sell” rating in a research report on Thursday, April 13th. Citigroup Inc initiated coverage on shares of Centennial Res in a research report on Monday, May 1st. They set a “buy” rating and a $21.00 target price on the stock. BMO Capital Markets set a $17.00 target price on shares of Centennial Res and gave the stock a “hold” rating in a research report on Monday, June 26th. Howard Weil initiated coverage on shares of Centennial Res in a research report on Friday, July 21st. They set a “sector outperform” rating and a $21.00 target price on the stock. Finally, Scotia Howard Weill initiated coverage on shares of Centennial Res in a research report on Friday, July 21st. They set a “sector outperform” rating and a $21.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $22.09.
In other Centennial Res news, COO Sean R. Smith purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were acquired at an average price of $15.05 per share, with a total value of $150,500.00. Following the transaction, the chief operating officer now owns 21,540 shares in the company, valued at $324,177. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 44.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in shares of Centennial Res by 175.1% in the second quarter. BlackRock Inc. now owns 5,992,125 shares of the oil and natural gas company’s stock worth $94,795,000 after buying an additional 3,814,249 shares in the last quarter. GRT Capital Partners L.L.C. acquired a new stake in shares of Centennial Res during the second quarter worth approximately $308,000. TIAA CREF Investment Management LLC acquired a new stake in shares of Centennial Res during the second quarter worth approximately $5,133,000. Teachers Advisors LLC acquired a new stake in shares of Centennial Res during the second quarter worth approximately $2,030,000. Finally, Alliancebernstein L.P. acquired a new stake in shares of Centennial Res during the second quarter worth approximately $782,000.
Centennial Res (NASDAQ CDEV) opened at 16.15 on Friday. The company has a 50-day moving average of $15.86 and a 200-day moving average of $17.00. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 123.28 and a beta of 2.14. Centennial Res has a 1-year low of $11.80 and a 1-year high of $20.97.
Centennial Res (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. The company had revenue of $91.06 million for the quarter, compared to the consensus estimate of $76.03 million. Analysts anticipate that Centennial Res will post $0.18 earnings per share for the current fiscal year.
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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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