Centennial Res (NASDAQ:CDEV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

CDEV has been the subject of a number of other research reports. Imperial Capital assumed coverage on Centennial Res in a research note on Friday, August 18th. They issued an “outperform” rating and a $22.00 target price for the company. Howard Weil assumed coverage on Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 target price for the company. BMO Capital Markets set a $18.00 target price on Centennial Res and gave the stock a “hold” rating in a research note on Saturday, August 12th. Scotia Howard Weill assumed coverage on Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 target price for the company. Finally, J P Morgan Chase & Co assumed coverage on Centennial Res in a research note on Tuesday, August 1st. They issued an “overweight” rating and a $19.00 target price for the company. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $22.17.

Centennial Res (NASDAQ CDEV) traded down 2.69% during trading on Thursday, hitting $17.20. The company had a trading volume of 803,317 shares. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 86.43 and a beta of 2.10. Centennial Res has a 1-year low of $13.31 and a 1-year high of $20.97. The company’s 50 day moving average price is $16.56 and its 200-day moving average price is $16.78.

Centennial Res (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. The business had revenue of $91.06 million for the quarter, compared to analysts’ expectations of $76.03 million. On average, analysts expect that Centennial Res will post $0.18 EPS for the current year.

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Hedge funds have recently modified their holdings of the stock. Seven Bridges Advisors LLC grew its position in Centennial Res by 16.8% during the 2nd quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after purchasing an additional 1,184 shares during the period. Royal Bank of Canada grew its position in Centennial Res by 9.9% during the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after purchasing an additional 830 shares during the period. Great West Life Assurance Co. Can acquired a new stake in Centennial Res during the 2nd quarter worth about $158,000. Cipher Capital LP acquired a new stake in Centennial Res during the 2nd quarter worth about $182,000. Finally, Comerica Bank acquired a new stake in Centennial Res during the 2nd quarter worth about $184,000. Institutional investors own 90.62% of the company’s stock.

Centennial Res 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.

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Analyst Recommendations for Centennial Res (NASDAQ:CDEV)

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