Allianz Asset Management GmbH Purchases New Position in Centennial Resource Development Inc (CDEV)

Allianz Asset Management GmbH purchased a new position in shares of Centennial Resource Development Inc (NASDAQ:CDEV) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 131,600 shares of the oil and natural gas company’s stock, valued at approximately $2,365,000.

Other hedge funds also recently modified their holdings of the company. Van Den Berg Management I Inc. purchased a new position in shares of Centennial Resource Development during the 3rd quarter valued at $285,000. Dimensional Fund Advisors LP bought a new stake in Centennial Resource Development in the third quarter worth $12,343,000. Schwab Charles Investment Management Inc. lifted its stake in Centennial Resource Development by 90.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 525,372 shares of the oil and natural gas company’s stock worth $9,441,000 after purchasing an additional 249,819 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Centennial Resource Development by 30.3% in the third quarter. Wells Fargo & Company MN now owns 102,657 shares of the oil and natural gas company’s stock worth $1,845,000 after purchasing an additional 23,849 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new stake in Centennial Resource Development in the third quarter worth $910,000. Institutional investors own 93.44% of the company’s stock.

Several analysts have weighed in on the stock. Stifel Nicolaus set a $21.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Thursday, October 5th. Zacks Investment Research downgraded shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Credit Suisse Group assumed coverage on shares of Centennial Resource Development in a research note on Monday, December 11th. They issued an “outperform” rating and a $22.00 price target for the company. Seaport Global Securities assumed coverage on shares of Centennial Resource Development in a research note on Thursday, September 28th. They issued a “neutral” rating and a $19.00 price target for the company. Finally, KLR Group assumed coverage on shares of Centennial Resource Development in a research note on Monday, September 25th. They issued a “buy” rating and a $30.00 price target for the company. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Centennial Resource Development currently has a consensus rating of “Buy” and an average target price of $22.47.

Centennial Resource Development Inc (NASDAQ CDEV) opened at $20.14 on Monday. Centennial Resource Development Inc has a 52-week low of $14.10 and a 52-week high of $22.11. The stock has a market cap of $5,170.00 and a PE ratio of -17.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.43 and a quick ratio of 0.43.

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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.

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

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