Centennial Resource Development (CDEV) Coverage Initiated at Johnson Rice

Johnson Rice assumed coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a report published on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $25.00 price target on the oil and natural gas company’s stock.

Several other equities analysts have also commented on the company. BidaskClub raised Centennial Resource Development from a hold rating to a buy rating in a research report on Wednesday, December 27th. Seaport Global Securities raised Centennial Resource Development from a neutral rating to a buy rating and set a $19.00 price objective for the company in a research report on Tuesday, December 19th. Stifel Nicolaus set a $25.00 price objective on Centennial Resource Development and gave the company a buy rating in a research report on Tuesday, January 30th. Zacks Investment Research raised Centennial Resource Development from a hold rating to a buy rating and set a $23.00 price objective for the company in a research report on Monday, January 29th. Finally, Guggenheim started coverage on Centennial Resource Development in a research report on Monday, January 29th. They set a buy rating and a $29.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $24.21.

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Shares of CDEV stock opened at $18.19 on Wednesday. Centennial Resource Development has a 52 week low of $14.10 and a 52 week high of $22.14. The company has a market capitalization of $5,020.97, a price-to-earnings ratio of 64.96, a P/E/G ratio of 0.58 and a beta of 1.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13.

In other news, Director Us Centennial Holdings Ll Rel sold 21,505,417 shares of the firm’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $19.50, for a total transaction of $419,355,631.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 44.70% of the stock is owned by company insiders.

Several large investors have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in shares of Centennial Resource Development by 9.9% during the second quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock valued at $145,000 after acquiring an additional 830 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Centennial Resource Development by 44.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,033 shares of the oil and natural gas company’s stock worth $159,000 after buying an additional 2,490 shares in the last quarter. TIAA FSB increased its holdings in Centennial Resource Development by 3.4% in the 4th quarter. TIAA FSB now owns 81,403 shares of the oil and natural gas company’s stock worth $1,611,000 after buying an additional 2,647 shares in the last quarter. Navellier & Associates Inc increased its holdings in Centennial Resource Development by 10.9% in the 4th quarter. Navellier & Associates Inc now owns 29,913 shares of the oil and natural gas company’s stock worth $592,000 after buying an additional 2,951 shares in the last quarter. Finally, Comerica Bank increased its holdings in Centennial Resource Development by 23.7% in the 4th quarter. Comerica Bank now owns 16,710 shares of the oil and natural gas company’s stock worth $357,000 after buying an additional 3,199 shares in the last quarter. Hedge funds and other institutional investors own 91.17% 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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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