Centennial Resource Development (CDEV) Stock Rating Upgraded by BidaskClub

Centennial Resource Development (NASDAQ:CDEV) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

CDEV has been the topic of a number of other reports. Zacks Investment Research lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Seaport Global Securities upgraded shares of Centennial Resource Development from a “neutral” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, December 19th. Wolfe Research began coverage on shares of Centennial Resource Development in a research report on Tuesday, November 14th. They issued an “outperform” rating 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 report on Thursday, October 5th. Finally, Bank of America assumed coverage on shares of Centennial Resource Development in a research report on Monday, October 16th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $22.47.

Centennial Resource Development (NASDAQ CDEV) opened at $20.68 on Wednesday. Centennial Resource Development has a 12 month low of $14.10 and a 12 month high of $22.11. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06. The stock has a market cap of $5,250.00 and a price-to-earnings ratio of -18.14.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Advisors LLC raised its stake in shares of Centennial Resource Development by 77.5% during the third quarter. Cetera Advisors LLC now owns 32,696 shares of the oil and natural gas company’s stock worth $589,000 after buying an additional 14,279 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in Centennial Resource Development by 8.3% during the third quarter. Neuberger Berman Group LLC now owns 2,981,444 shares of the oil and natural gas company’s stock valued at $53,577,000 after purchasing an additional 227,753 shares during the period. Caxton Associates LP acquired a new position in Centennial Resource Development during the third quarter valued at approximately $4,267,000. Jackson Square Partners LLC acquired a new position in Centennial Resource Development during the third quarter valued at approximately $909,000. Finally, Magnetar Financial LLC acquired a new position in Centennial Resource Development during the third quarter valued at approximately $72,858,000. 93.44% of the stock is owned by institutional investors.

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About Centennial Resource Development

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.

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