Centennial Resource Development Inc (NASDAQ:CDEV) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 25,869,484 shares, a drop of 8.8% from the January 15th total of 28,353,760 shares. Approximately 14.3% of the company’s shares are sold short. Based on an average daily volume of 2,553,318 shares, the short-interest ratio is currently 10.1 days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDEV. FMR LLC grew its holdings in Centennial Resource Development by 0.8% during the 2nd quarter. FMR LLC now owns 31,157,173 shares of the oil and natural gas company’s stock valued at $562,698,000 after purchasing an additional 240,034 shares in the last quarter. Bank of America Corp DE grew its holdings in Centennial Resource Development by 10.6% during the 2nd quarter. Bank of America Corp DE now owns 505,841 shares of the oil and natural gas company’s stock valued at $9,136,000 after purchasing an additional 48,367 shares in the last quarter. California Public Employees Retirement System acquired a new stake in Centennial Resource Development during the 2nd quarter valued at $2,994,000. Bank of New York Mellon Corp grew its holdings in Centennial Resource Development by 8.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 689,215 shares of the oil and natural gas company’s stock valued at $12,448,000 after purchasing an additional 51,153 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Centennial Resource Development by 38.5% during the 2nd quarter. Northern Trust Corp now owns 1,101,510 shares of the oil and natural gas company’s stock valued at $19,893,000 after purchasing an additional 306,264 shares in the last quarter.

A number of equities analysts have weighed in on CDEV shares. JPMorgan Chase & Co. set a $17.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Friday, December 7th. Guggenheim set a $25.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Sunday, December 23rd. Jefferies Financial Group cut their price target on shares of Centennial Resource Development to $18.00 and set a “buy” rating on the stock in a research note on Friday, January 4th. TheStreet downgraded shares of Centennial Resource Development from a “b-” rating to a “c” rating in a research note on Wednesday, November 14th. Finally, Stephens started coverage on shares of Centennial Resource Development in a research note on Thursday, December 6th. They set an “equal weight” rating and a $23.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $23.17.

Shares of CDEV stock opened at $12.30 on Thursday. Centennial Resource Development has a 52 week low of $9.87 and a 52 week high of $23.12. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $3.48 billion, a PE ratio of 43.93, a price-to-earnings-growth ratio of 0.58 and a beta of 2.07.

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About Centennial Resource Development

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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