Morgan Stanley Sells 331,851 Shares of Centennial Resource Development Inc (NASDAQ:CDEV)

Morgan Stanley lessened its stake in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 26.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 940,162 shares of the oil and natural gas company’s stock after selling 331,851 shares during the quarter. Morgan Stanley owned about 0.34% of Centennial Resource Development worth $7,136,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CDEV. Carroll Financial Associates Inc. lifted its position in Centennial Resource Development by 895.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 3,000 shares in the last quarter. Signition LP purchased a new stake in shares of Centennial Resource Development during the 2nd quarter worth approximately $129,000. Pinnacle Associates Ltd. increased its stake in shares of Centennial Resource Development by 46.2% during the 2nd quarter. Pinnacle Associates Ltd. now owns 17,100 shares of the oil and natural gas company’s stock worth $130,000 after purchasing an additional 5,400 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Centennial Resource Development by 13.0% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 18,708 shares of the oil and natural gas company’s stock worth $142,000 after purchasing an additional 2,159 shares during the last quarter. Finally, Stephens Inc. AR increased its stake in shares of Centennial Resource Development by 20.9% during the 2nd quarter. Stephens Inc. AR now owns 26,000 shares of the oil and natural gas company’s stock worth $197,000 after purchasing an additional 4,500 shares during the last quarter. 97.66% of the stock is currently owned by institutional investors.

Shares of NASDAQ CDEV traded up $0.06 during midday trading on Friday, hitting $3.56. The stock had a trading volume of 5,036,900 shares, compared to its average volume of 4,824,493. The company has a quick ratio of 0.53, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $981.36 million, a P/E ratio of 4.75, a PEG ratio of 10.16 and a beta of 1.91. The business’s 50 day moving average is $3.85 and its 200-day moving average is $6.20. Centennial Resource Development Inc has a 52 week low of $3.11 and a 52 week high of $18.92.

A number of research analysts recently weighed in on CDEV shares. Bank of America set a $7.00 price objective on shares of Centennial Resource Development and gave the company a “hold” rating in a research note on Tuesday, September 10th. Zacks Investment Research raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating and set a $5.50 price target for the company in a report on Monday, September 9th. Seaport Global Securities downgraded shares of Centennial Resource Development from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. Royal Bank of Canada set a $10.00 price objective on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, BidaskClub downgraded shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Centennial Resource Development has an average rating of “Hold” and a consensus target price of $10.09.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.

Further Reading: Mutual funds are not immune from market timing

Institutional Ownership by Quarter for Centennial Resource Development (NASDAQ:CDEV)

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