Centennial Res (NASDAQ:CDEV) was the recipient of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 21,928,304 shares, a drop of 9.3% from the October 13th total of 24,164,036 shares. Currently, 17.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,535,898 shares, the short-interest ratio is currently 14.3 days.

Several hedge funds have recently modified their holdings of the company. Washington Trust Bank increased its stake in shares of Centennial Res by 1.8% during the 2nd quarter. Washington Trust Bank now owns 12,514 shares of the oil and natural gas company’s stock worth $198,000 after purchasing an additional 227 shares during the last quarter. Royal Bank of Canada boosted its holdings in Centennial Res by 9.9% in the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after buying an additional 830 shares during the period. Seven Bridges Advisors LLC boosted its holdings in Centennial Res by 16.8% in the 2nd quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after buying an additional 1,184 shares during the period. Howard Hughes Medical Institute boosted its holdings in Centennial Res by 9.7% in the 2nd quarter. Howard Hughes Medical Institute now owns 18,917 shares of the oil and natural gas company’s stock worth $299,000 after buying an additional 1,680 shares during the period. Finally, TIAA FSB boosted its holdings in Centennial Res by 7.9% in the 3rd quarter. TIAA FSB now owns 78,756 shares of the oil and natural gas company’s stock worth $1,415,000 after buying an additional 5,770 shares during the period. Institutional investors own 90.50% of the company’s stock.

Several equities research analysts have commented on CDEV shares. Zacks Investment Research lowered shares of Centennial Res from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Howard Weil started coverage on shares of Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 price objective for the company. Stifel Nicolaus set a $21.00 price objective on shares of Centennial Res and gave the company a “buy” rating in a research note on Thursday, October 5th. Seaport Global Securities started coverage on shares of Centennial Res in a research note on Thursday, September 28th. They issued a “neutral” rating and a $19.00 price objective for the company. Finally, Bank of America Corporation started coverage on shares of Centennial Res in a research note on Monday, October 16th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $22.50.

Shares of Centennial Res (NASDAQ CDEV) opened at $19.69 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.43 and a current ratio of 0.43. Centennial Res has a one year low of $13.31 and a one year high of $22.11.

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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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