Riverstone Holdings LLC reduced its holdings in Centennial Resource Development, Inc. (NASDAQ:CDEV – Get Rating) by 17.5% during the 1st quarter, Holdings Channel reports. The fund owned 68,858,550 shares of the oil and natural gas company's stock after selling 14,600,660 shares during the quarter. Centennial Resource Development makes up approximately 18.4% of Riverstone Holdings LLC's portfolio, making the stock its 2nd biggest position. Riverstone Holdings LLC owned about 0.24% of Centennial Resource Development worth $555,688,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of CDEV. First Trust Advisors LP increased its position in shares of Centennial Resource Development by 180.0% in the 4th quarter. First Trust Advisors LP now owns 4,194,048 shares of the oil and natural gas company's stock valued at $25,080,000 after buying an additional 2,695,979 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Centennial Resource Development by 54.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,407,775 shares of the oil and natural gas company's stock worth $38,319,000 after buying an additional 2,253,011 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Centennial Resource Development in the 4th quarter valued at about $5,846,000. SIR Capital Management L.P. acquired a new stake in Centennial Resource Development in the 4th quarter valued at about $4,793,000. Finally, American Century Companies Inc. lifted its stake in Centennial Resource Development by 99.0% in the 4th quarter. American Century Companies Inc. now owns 813,154 shares of the oil and natural gas company's stock valued at $4,863,000 after purchasing an additional 404,565 shares during the last quarter.
Get Centennial Resource Development alerts:Centennial Resource Development Stock Performance
CDEV traded down $0.21 during midday trading on Monday, reaching $7.18. The company had a trading volume of 84,374 shares, compared to its average volume of 9,743,863. The stock has a market cap of $2.04 billion, a PE ratio of 5.77 and a beta of 4.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50-day moving average price of $6.58 and a two-hundred day moving average price of $7.62. Centennial Resource Development, Inc. has a 12-month low of $4.33 and a 12-month high of $9.70.
Insider Activity at Centennial Resource Development
In related news, COO Matthew R. Garrison sold 115,762 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $6.50, for a total value of $752,453.00. Following the completion of the transaction, the chief operating officer now directly owns 1,332,553 shares in the company, valued at approximately $8,661,594.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 29.20% of the stock is owned by insiders.Analyst Ratings Changes
Several research analysts have weighed in on CDEV shares. Truist Financial lowered their price target on shares of Centennial Resource Development to $8.00 in a report on Friday, May 20th. Royal Bank of Canada raised shares of Centennial Resource Development from a "sector perform" rating to an "outperform" rating and set a $11.00 target price on the stock in a report on Wednesday, July 6th. Siebert Williams Shank initiated coverage on shares of Centennial Resource Development in a report on Friday, July 22nd. They set a "buy" rating and a $12.00 target price on the stock. Wells Fargo & Company cut shares of Centennial Resource Development from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $12.00 to $11.00 in a research note on Monday, July 11th. Finally, MKM Partners reissued a "buy" rating and issued a $10.00 price objective on shares of Centennial Resource Development in a research note on Wednesday, July 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Centennial Resource Development has an average rating of "Moderate Buy" and an average price target of $10.57.
Centennial Resource Development Company Profile
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Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus 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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