Guggenheim set a $7.00 price target on Centennial Resource Development (NASDAQ:CDEV) in a research note released on Wednesday, TipRanks reports. The firm currently has a buy rating on the oil and natural gas company’s stock.
Several other brokerages have also recently weighed in on CDEV. SunTrust Banks set a $5.00 price target on Centennial Resource Development and gave the company a hold rating in a research report on Wednesday, August 7th. Wells Fargo & Co started coverage on Centennial Resource Development in a research report on Monday, May 20th. They issued a market perform rating and a $12.00 price target for the company. Zacks Investment Research upgraded Centennial Resource Development from a sell rating to a hold rating in a research report on Tuesday, July 30th. Barclays reiterated a hold rating and issued a $9.00 price target on shares of Centennial Resource Development in a research report on Tuesday, July 2nd. Finally, BidaskClub upgraded Centennial Resource Development from a strong sell rating to a sell rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $12.22.
Shares of NASDAQ CDEV opened at $4.30 on Wednesday. The stock has a market cap of $1.26 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 8.01 and a beta of 1.90. Centennial Resource Development has a fifty-two week low of $3.92 and a fifty-two week high of $23.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a fifty day moving average of $5.69 and a 200-day moving average of $8.49.
In other Centennial Resource Development news, CFO George S. Glyphis bought 50,000 shares of Centennial Resource Development stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the completion of the transaction, the chief financial officer now directly owns 493,195 shares in the company, valued at $2,313,084.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.30% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $79,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Centennial Resource Development by 1,433.1% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock worth $175,000 after acquiring an additional 21,496 shares in the last quarter. Voloridge Investment Management LLC raised its position in shares of Centennial Resource Development by 24.8% in the 2nd quarter. Voloridge Investment Management LLC now owns 292,862 shares of the oil and natural gas company’s stock worth $2,223,000 after acquiring an additional 58,105 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $5,066,000. Finally, Jane Street Group LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $150,000.
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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