BidaskClub downgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a research report sent to investors on Tuesday, January 9th.
CDEV has been the subject of several other research reports. Stifel Nicolaus set a $21.00 price objective on Centennial Resource Development and gave the company a buy rating in a report on Thursday, October 5th. Zacks Investment Research cut Centennial Resource Development from a buy rating to a hold rating in a report on Thursday, November 2nd. Credit Suisse Group initiated coverage on Centennial Resource Development in a report on Monday, December 11th. They issued an outperform rating and a $22.00 price objective for the company. Seaport Global Securities initiated coverage on Centennial Resource Development in a report on Thursday, September 28th. They issued a neutral rating and a $19.00 price objective for the company. Finally, KLR Group initiated coverage on Centennial Resource Development in a report on Monday, September 25th. They issued a buy rating and a $30.00 price objective for the company. Three research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $22.47.
Centennial Resource Development (CDEV) traded up $0.52 during mid-day trading on Tuesday, reaching $20.44. The company’s stock had a trading volume of 1,522,515 shares, compared to its average volume of 1,369,300. The company has a market cap of $5,240.00 and a PE ratio of -17.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.43 and a current ratio of 0.43. Centennial Resource Development has a 52-week low of $14.10 and a 52-week high of $22.11.
Large investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Centennial Resource Development by 9.9% in the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock valued at $145,000 after purchasing an additional 830 shares during the last quarter. Great West Life Assurance Co. Can acquired a new stake in Centennial Resource Development in the 2nd quarter valued at about $158,000. Prudential Financial Inc. acquired a new stake in Centennial Resource Development in the 3rd quarter valued at about $189,000. Quantbot Technologies LP acquired a new stake in Centennial Resource Development in the 3rd quarter valued at about $198,000. Finally, Cipher Capital LP acquired a new stake in Centennial Resource Development in the 2nd quarter valued at about $182,000. Institutional investors and hedge funds own 93.44% of the company’s stock.
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Centennial Resource Development Company Profile
Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.
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