Centennial Res (CDEV) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Centennial Res (NASDAQ:CDEV) have received a consensus recommendation of “Buy” from the twelve research firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $22.50.
CDEV has been the subject of a number of recent analyst reports. Stifel Nicolaus initiated coverage on shares of Centennial Res in a report on Wednesday, April 12th. They set a “buy” rating and a $24.00 price target for the company. Citigroup Inc. initiated coverage on shares of Centennial Res in a report on Monday, May 1st. They set a “buy” rating and a $21.00 price target for the company. BMO Capital Markets set a $17.00 price target on shares of Centennial Res and gave the company a “hold” rating in a report on Monday, June 26th. Zacks Investment Research cut shares of Centennial Res from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Scotiabank restated an “outperform” rating and set a $21.00 price target on shares of Centennial Res in a report on Saturday, July 22nd.
In related news, CFO George S. Glyphis acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was acquired at an average price of $15.02 per share, with a total value of $150,200.00. Following the completion of the transaction, the chief financial officer now owns 20,490 shares of the company’s stock, valued at $307,759.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 44.70% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Seven Bridges Advisors LLC raised its position in shares of Centennial Res by 16.8% in the second quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after buying an additional 1,184 shares in the last quarter. Great West Life Assurance Co. Can bought a new position in shares of Centennial Res during the second quarter worth approximately $158,000. Comerica Bank bought a new position in shares of Centennial Res during the second quarter worth approximately $184,000. Washington Trust Bank raised its position in shares of Centennial Res by 1.8% in the second quarter. Washington Trust Bank now owns 12,514 shares of the oil and natural gas company’s stock worth $198,000 after buying an additional 227 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new position in shares of Centennial Res during the second quarter worth approximately $200,000.
Shares of Centennial Res (CDEV) opened at 15.88 on Tuesday. The stock’s 50 day moving average price is $15.60 and its 200-day moving average price is $17.09. Centennial Res has a 12 month low of $11.08 and a 12 month high of $20.97. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 230.14 and a beta of 2.14.
About Centennial Res
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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