Centennial Res (CDEV) Sees Large Drop in Short Interest

Centennial Res (NASDAQ:CDEV) saw a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 21,928,304 shares, a decrease of 9.3% from the October 13th total of 24,164,036 shares. Approximately 17.2% of the shares of the company are sold short. Based on an average daily volume of 1,535,898 shares, the days-to-cover ratio is currently 14.3 days.

Several equities analysts have recently weighed in on CDEV shares. Howard Weil started coverage on shares of Centennial Res in a research report on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 price objective on the stock. Scotia Howard Weill started coverage on shares of Centennial Res in a research report on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 price objective on the stock. Scotiabank reissued an “outperform” rating and issued a $21.00 price objective on shares of Centennial Res in a research report on Saturday, July 22nd. J P Morgan Chase & Co started coverage on shares of Centennial Res in a research report on Tuesday, August 1st. They issued an “overweight” rating and a $19.00 price objective on the stock. Finally, BMO Capital Markets set a $18.00 price objective on shares of Centennial Res and gave the company a “hold” rating in a research report on Saturday, August 12th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Centennial Res has a consensus rating of “Buy” and a consensus target price of $22.50.

A number of large investors have recently added to or reduced their stakes in CDEV. Seven Bridges Advisors LLC increased its position in Centennial Res by 16.8% during the second quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after acquiring an additional 1,184 shares during the period. Royal Bank of Canada increased its position in Centennial Res by 9.9% during the second quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after acquiring an additional 830 shares during the period. Great West Life Assurance Co. Can bought a new position in Centennial Res during the second quarter worth about $158,000. Cipher Capital LP bought a new position in Centennial Res during the second quarter worth about $182,000. Finally, Comerica Bank bought a new position in Centennial Res during the second quarter worth about $184,000. 90.50% of the stock is currently owned by institutional investors and hedge funds.

Centennial Res (NASDAQ:CDEV) opened at $19.78 on Wednesday. Centennial Res has a 1 year low of $13.31 and a 1 year high of $22.11. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06.

COPYRIGHT VIOLATION NOTICE: This news story was first reported by Transcript Daily and is owned by of Transcript Daily. If you are reading this news story on another site, it was copied illegally and reposted in violation of US and international trademark and copyright law. The correct version of this news story can be viewed at https://transcriptdaily.com/2017/11/15/centennial-res-cdev-sees-large-drop-in-short-interest.html.

About Centennial Res

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.

Receive News & Ratings for Centennial Res Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Res and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply