Short Interest in Centennial Resource Development Inc (CDEV) Declines By 14.2%

Centennial Resource Development Inc (NASDAQ:CDEV) saw a significant decline in short interest in February. As of February 28th, there was short interest totalling 20,782,179 shares, a decline of 14.2% from the February 15th total of 24,224,446 shares. Based on an average trading volume of 5,622,836 shares, the short-interest ratio is currently 3.7 days. Approximately 11.5% of the company’s stock are sold short.

Centennial Resource Development stock opened at $8.93 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $2.52 billion, a P/E ratio of 11.91, a PEG ratio of 1.31 and a beta of 1.84. Centennial Resource Development has a fifty-two week low of $8.28 and a fifty-two week high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The company had revenue of $222.50 million during the quarter, compared to analysts’ expectations of $238.16 million. Centennial Resource Development had a net margin of 22.43% and a return on equity of 6.51%. The company’s revenue for the quarter was up 34.0% compared to the same quarter last year. As a group, research analysts anticipate that Centennial Resource Development will post 0.4 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDEV. Penserra Capital Management LLC boosted its stake in Centennial Resource Development by 158.7% in the fourth quarter. Penserra Capital Management LLC now owns 3,136 shares of the oil and natural gas company’s stock valued at $34,000 after acquiring an additional 1,924 shares during the last quarter. Quantamental Technologies LLC purchased a new position in Centennial Resource Development in the fourth quarter valued at about $37,000. Ffcm LLC purchased a new position in Centennial Resource Development in the fourth quarter valued at about $100,000. Principal Financial Group Inc. purchased a new position in Centennial Resource Development in the fourth quarter valued at about $117,000. Finally, First Interstate Bank purchased a new position in Centennial Resource Development in the third quarter valued at about $133,000.

Several equities research analysts have recently commented on the stock. Barclays decreased their target price on shares of Centennial Resource Development from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, November 16th. BidaskClub downgraded shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Thursday, November 15th. Cowen assumed coverage on shares of Centennial Resource Development in a research report on Thursday, November 29th. They set an “outperform” rating for the company. Stephens assumed coverage on shares of Centennial Resource Development in a research report on Thursday, December 6th. They set an “equal weight” rating and a $23.00 target price for the company. Finally, JPMorgan Chase & Co. set a $17.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research report on Friday, December 7th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Centennial Resource Development currently has a consensus rating of “Hold” and a consensus target price of $19.61.

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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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