With the current price of $0.76, the stock of Centennial Resource Development, Inc. (NASDAQ:CDEV) concluded the trading session seeing its price drop by -0.03 points or at a loss of -3.23% compared to its previous day’s closing price of $0.79. About 6.533 million shares of the stock changed hands on the day. The trading volume of CDEV’s shares during the past session compares with the stock’s average daily trading volume of 12.499 million shares. On the other hand, a float of 175 million shares and a weekly performance of -4.44% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $1.21 for CDEV’s share which suggests that the stock, price of which is currently buoying between $0.76 and $0.81, has a potential to gain 59.21%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $0.5 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Centennial Resource Development, Inc.’s stock is trending downward as short interest in CDEV shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the CDEV is currently comprised of 10.43% of the float as the volume of shorted shares declined by -2122016 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 16.099 million shares from the previous figure of 18.221 million shares. Stock’s average intraday volume is now standing at 6.363 million shares which indicate that the days to cover the shorts are nearly 2.529944.
After concluding the day’s trading, price of Centennial Resource Development, Inc. (NASDAQ:CDEV) is down -$0.0354 over the week and it is -$0.0975 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $6.09 that was attained on 09/16/19.
The stock has traded as low as $0.2352 in past 52-week, and its current price is 223.98% above from that 52-week low price mark recorded on 04/01/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 7.06. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 40.03 as 14-days RSI of Centennial Resource Development, Inc. This means that the CDEV is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 13.54%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $0.7947 for the CDEV’s share while placing it at a 2nd resistance point of $0.8273 to be settled at. But if the stock takes a plunge lower than the 1st support price of $0.7447 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.7273.
MACD oscillator is showing a reading of -0.0342 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
SunTrust lifted its recommendation for CDEV stock from Sell to Hold in a review note dated April 29. The stock gets its recommendation downgraded from Sector Perform to Sector Underperform from the analysts at Scotiabank in their April 07 note to investors.Barclaysanalysts downgraded their recommendation from Equal Weight to Underweight on March 24.
The average rating of 3.14 for CDEV is placing the stock in bearish category at the moment. In a poll by Reuters including 19 analysts in it who kept tracking the Centennial Resource Development, Inc., 9 rated the stock as hold. Others were in different opinions for the CDEV. Out of remaining 10 analysts, 4 rated the stock as a buy or strong buy. 6 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
Projection by Zacks Consensus Estimates suggests that Centennial Resource Development, Inc. (NASDAQ:CDEV) will see its current-quarter revenues drop by nearly -99.88% to be decreased to about $109 million. Full-year revenue of the company is however forecasted to be fell to nearly -45.81% to bring $512 million in revenues against last year revenue of $944 million. Earnings, after adjustments, are likely to surge by 2000% to post an EPS of -$0.21, while estimate for company’s full year earnings is -$2.3 per share with a growth rate of -3933.33%.