Sunday, June 26, 2022

Director Silver Run Sponsor, LLC sale 307,704 shares of Centennial Resource Development Inc. [CDEV]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Centennial Resource Development Inc. shares valued at $2,810,568 were sold by Silver Run Sponsor, LLC on Mar 08. At $9.13 per share, Silver Run Sponsor, LLC sold 307,704 shares. The insider’s holdings dropped to 72,547,670 shares worth approximately $478.81 million following the completion of this transaction.


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Also, REL US Centennial Holdings, LL sold 307,704 shares, netting a total of over 2,810,568 in proceeds. Following the sale of shares at $9.13 each, the insider now holds 72,547,670 shares.

Before that, Riverstone Non-ECI USRPI AIV, had sold 307,704 shares from its account. In a trade valued at $2,810,568, the Director traded Centennial Resource Development Inc. shares for $9.13 each. Upon closing the transaction, the insider’s holdings decreased to 307,704 shares, worth approximately $478.81 million.

As published in a research note from Piper Sandler on April 07, 2022, Centennial Resource Development Inc. [CDEV] has been rated up from a Neutral to an Overweight and the price target has been revised to $13 from $10. This represents a 49.23% premium over Wednesday’s closing price. Analysts at Stifel upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early April. As of March 14, 2022, Wells Fargo has increased its “an Underweight” rating to a “an Equal weight” for CDEV. Earlier on January 21, 2022, JP Morgan upgraded its rating. Their new recommendation was “a Neutral” for CDEV stock which previously was a “an Underweight”.

Analyzing CDEV’s Price Performance

On Wednesday, Centennial Resource Development Inc. [NASDAQ: CDEV] plunged -11.17% to $6.60. The stock’s lowest price that day was $6.56, but it reached a high of $7.065 in the same session. During the last five days, there has been a drop of approximately -25.25%. Over the course of the year, Centennial Resource Development Inc. shares have jumped approximately 10.37%. Shares of the company reached a 52-week high of $9.70 on 06/08/22 and a 52-week low of $6.03 on 01/03/22. A 50-day SMA is recorded $8.08, while a 200-day SMA reached $7.43. Nevertheless, trading volume fell to 13.65 million shares from 10.13 million shares the previous day.

Support And Resistance Levels for Centennial Resource Development Inc. (CDEV)

According to the 24-hour chart, there is a support level at 6.42, which, if violated, would cause prices to drop to 6.24. In the upper region, resistance lies at 6.92. The next price resistance is at 7.25. RSI (Relative Strength Index) is 34.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.40, which suggests the price will decrease in the coming days. Percent R is at 98.73%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Centennial Resource Development Inc. (CDEV)?

According to SSgA Funds Management, Inc. filings, the company currently owns 18,425,711 shares, which is about 6.47% of the total CDEV shares outstanding. The investor’s shares have appreciated by 5,413,728 from its previous 13-F filing of 13011983.0 shares. With the completion of the sale, BlackRock Fund Advisors’s stake is now worth $94,268,269. Marshall Wace LLP acquire a 201,745.56% interest valued at $82.73 million while The Vanguard Group, Inc. purchased a 229,627 stake. A total of 3,289,147 shares of Centennial Resource Development Inc. were bought by Dimensional Fund Advisors LP during the quarter, and -1,121,132 were sold by Goldman Sachs Asset Management LP. In its current portfolio, River Road Asset Management LLC holds 6,181,362 shares valued at $49.08 million.

In terms of Centennial Resource Development Inc. share price expectations, FactSet research, analysts set an average price target of $10.80 in the next 12 months, up nearly 48.05% from the previous closing price of $7.43. Analysts anticipate Centennial Resource Development Inc. stock to reach $14.00 by 2022, with the lowest price target being $8.00. In spite of this, 10 analysts ranked Centennial Resource Development Inc. stock as a Hold at the end of 2022. On August 18, 2021, Cowen assigned a price target of “a Market perform” to the stock and upgraded coverage with a $5.75.

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