Lord Abbett & CO. LLC Increases Stake in Centennial Resource Development Inc (CDEV)

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Lord Abbett & CO. LLC grew its position in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 12.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,274,343 shares of the oil and natural gas company’s stock after buying an additional 364,753 shares during the quarter. Lord Abbett & CO. LLC owned approximately 1.19% of Centennial Resource Development worth $36,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Penserra Capital Management LLC lifted its holdings in Centennial Resource Development by 158.7% in the 4th quarter. Penserra Capital Management LLC now owns 3,136 shares of the oil and natural gas company’s stock worth $34,000 after purchasing an additional 1,924 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in Centennial Resource Development in the 4th quarter worth approximately $37,000. Ffcm LLC acquired a new stake in Centennial Resource Development in the 4th quarter worth approximately $100,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Centennial Resource Development by 11.3% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 12,100 shares of the oil and natural gas company’s stock worth $133,000 after purchasing an additional 1,224 shares during the last quarter. Finally, Stonebridge Capital Management Inc. lifted its holdings in Centennial Resource Development by 34.4% in the 4th quarter. Stonebridge Capital Management Inc. now owns 12,775 shares of the oil and natural gas company’s stock worth $141,000 after purchasing an additional 3,269 shares during the last quarter.

Shares of NASDAQ CDEV opened at $8.93 on Friday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.31 and a beta of 1.84. Centennial Resource Development Inc has a 12 month low of $8.28 and a 12 month high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.03). The business had revenue of $222.50 million during the quarter, compared to the consensus estimate of $238.16 million. Centennial Resource Development had a return on equity of 6.51% and a net margin of 22.43%. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. On average, research analysts forecast that Centennial Resource Development Inc will post 0.4 earnings per share for the current fiscal year.

CDEV has been the subject of several analyst reports. Guggenheim set a $25.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a report on Sunday, December 30th. JPMorgan Chase & Co. set a $17.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a report on Friday, December 7th. Jefferies Financial Group reduced their target price on Centennial Resource Development to $18.00 and set a “buy” rating for the company in a report on Friday, January 4th. Seaport Global Securities set a $15.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a report on Tuesday, February 26th. Finally, TD Securities reduced their target price on Centennial Resource Development from $19.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, February 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $19.61.

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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.

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

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