Qube Research & Technologies Ltd increased its stake in Centennial Resource Development, Inc. (NASDAQ: CDEV – Get a rating) by 34.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,648 shares of the oil and gas company after purchasing an additional 23,951 shares during the period. Qube Research & Technologies Ltd’s holdings in Centennial Resource Development were worth $748,000 when it last filed with the SEC.
Several other hedge funds have also recently changed their positions in CDEV. Barrow Hanley Mewhinney & Strauss LLC bought a new stock position in Centennial Resource Development during the fourth quarter worth approximately $30,000. Nisa Investment Advisors LLC acquired a new stake in Centennial Resource Development stock during Q1 worth approximately $35,000. CM Bidwell & Associates Ltd. acquired a new position in Centennial Resource Development stock during Q1 worth approximately $37,000. Newbridge Financial Services Group Inc. acquired a new equity position in Centennial Resource Development during Q1 worth approximately $65,000. Finally, Point72 Hong Kong Ltd acquired a new position in Centennial Resource Development in Q4 worth $84,000.
Centennial Resource Development Stock Performance
CDEV Stock opened at $7.39 on Friday. The company has a 50-day moving average price of $6.58 and a 200-day moving average price of $7.62. Centennial Resource Development, Inc. has a fifty-two week minimum of $3.90 and a fifty-two week maximum of $9.70. The company has a debt ratio of 0.27, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $2.10 billion, a PE ratio of 5.77 and a beta of 4.90.
Wall Street analysts predict growth
A number of analysts have weighed in on the stock recently. Royal Bank of Canada upgraded Centennial Resource Development’s shares from an “sector performance” rating to an “outperform” rating and set a price target of $11.00 for the company in a report of research from Wednesday July 6th. Piper Sandler lowered her price target on Centennial Resource Development shares from $12.00 to $11.00 in a Friday, July 22 research note. MKM Partners reiterated a “buy” rating and set a $10.00 price target on Centennial Resource Development shares in a Wednesday, July 20 research note. Siebert Williams Shank began covering Centennial Resource Development shares in a Friday, July 22 report. They issued a “buy” rating and a price target of $12.00 for the company. Finally, Wells Fargo & Company downgraded Centennial Resource Development shares from a “weighted” rating to an “underweight” rating and lowered its price target for the company from $12.00 to $11.00 in a research report from Monday, July 11. One equity research analyst gave the stock a sell rating, two gave the company a hold rating and five gave the company a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.57.
Insiders place their bets
In other Centennial Resource Development news, COO Matthew R. Garrison sold 115,762 shares of the company in a transaction on Monday, August 8. The stock was sold at an average price of $6.50, for a total transaction of $752,453.00. As a result of the transaction, the chief operating officer now owns 1,332,553 shares of the company, valued at approximately $8,661,594.50. The transaction was disclosed in a document filed with the SEC, accessible via this link. Insiders of the company own 29.20% of the shares of the company.
About Centennial Resource Development
Centennial Resource Development, Inc., an independent oil and gas company, is focused on developing crude oil and associated liquids-rich natural gas reserves in the United States. Its assets are primarily focused on the Delaware Basin, a sub-basin of the Permian Basin. The Company’s properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.
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