The stock of Centennial Resource Development, Inc. (NASDAQ:CDEV) is now priced at $0.78 and the shares are 0.01 points up or 1.31% higher compared to its previous closing price of $0.77. The stock had 6.452 million contracts set over the past session. CDEV shares’ daily volume is compared to its average trading volume at 12.213 million shares. However, it has a float of 175 million and although its performance was 6.5% over the week, it’s one to watch. Analysts have given the CDEV stock a yearly average price target of $1.21 per share. It means the stock’s upside potential is 55.13% with the CDEV share price recently placing at $0.745 to $0.7852. However, some brokerage firms have priced the stock below the average, including one that has called $0.5.
The shorts are running away from the Centennial Resource Development, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CDEV shares have declined. Short interest in the stock represents just 9.22% of its float, but the volume has dropped by -2122016. The volume of shorted shares dropped to 16.099 million from 18.221 million shares over the last two weeks. The average intraday trading volume has been 6.363 million shares, which means that days to cover moved to roughly 2.529944.
In the last trading session, Centennial Resource Development, Inc. (NASDAQ:CDEV) raised by $0.0475 over the week and lost -$0.0087 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.09. The stock recorded its established 52-week high on 09/16/19.
Since 04/01/20, the stock has traded to a low of $0.2352 at 231.04%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 6.86. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Centennial Resource Development, Inc.’s two-week RSI is 43.46. This suggests that the stock is neutral at the moment and that CDEV shares’ price movement remains stable. The stochastic readings are equally revealing at 15.59% meaning the CDEV share price is currently in overbought territory.
The technical chart shows that the CDEV stock will likely settle at between $0.7942 and $0.8098 per share. However, if the stock dips below $0.754, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.7294.
Currently, the stock is trading in the red of MACD, with a reading of -0.0047. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at SunTrust raised their recommendation for CDEV from Sell to Hold in April 29 review. Scotiabank analysts downgraded their recommendation of the stock from Sector Perform to Sector Underperform in a flash note released to investors on April 07. Barclays seeing the stock struggling downgraded it from Equal Weight to Underweight on March 24.
The average rating for the CDEV equity is 3.14 and is currently gathering a bearish momentum. Of 19 analysts tracking Centennial Resource Development, Inc. polled by Reuters, 9 rated CDEV as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 6 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Centennial Resource Development, Inc. (NASDAQ:CDEV) will decrease by about -99.88%, which will see them reach $109 million. The company’s full-year revenues are, however, expected to diminish by about -45.81%, down from $944 million to $512 million. CDEV’s expected adjusted earnings should surge almost 2000% to end up at -$0.21 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -3933.33% to record -$2.3/share.