Centennial Res (CDEV) Receives Buy Rating from Scotiabank

Scotiabank reissued their buy rating on shares of Centennial Res (NASDAQ:CDEV) in a research note released on Tuesday, November 7th. The firm currently has a $22.00 price objective on the oil and natural gas company’s stock.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Centennial Res from a buy rating to a hold rating in a research report on Thursday, November 2nd. Seaport Global Securities assumed coverage on Centennial Res in a report on Thursday, September 28th. They set a neutral rating and a $19.00 price target on the stock. Citigroup Inc. set a $22.00 target price on Centennial Res and gave the company a buy rating in a research note on Friday, October 13th. Bank of America Corporation initiated coverage on Centennial Res in a research note on Monday, October 16th. They set a buy rating on the stock. Finally, Stifel Nicolaus set a $21.00 target price on Centennial Res and gave the stock a buy rating in a research report on Thursday, October 5th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $22.50.

Shares of Centennial Res (CDEV) traded up $0.39 during midday trading on Tuesday, reaching $20.08. The company’s stock had a trading volume of 2,817,400 shares, compared to its average volume of 1,433,508. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06. Centennial Res has a 52-week low of $13.31 and a 52-week high of $22.11.

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Hedge funds have recently bought and sold shares of the company. Seven Bridges Advisors LLC raised its position in shares of Centennial Res by 16.8% during the 2nd quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after purchasing an additional 1,184 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Centennial Res by 9.9% during the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after purchasing an additional 830 shares during the period. Great West Life Assurance Co. Can purchased a new position in shares of Centennial Res during the 2nd quarter worth approximately $158,000. Prudential Financial Inc. purchased a new position in shares of Centennial Res during the 3rd quarter worth approximately $189,000. Finally, Quantbot Technologies LP purchased a new position in shares of Centennial Res during the 3rd quarter worth approximately $198,000. 90.58% of the stock is currently owned by institutional investors and hedge funds.

Centennial Res 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.

Analyst Recommendations for Centennial Res (NASDAQ:CDEV)

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