Shares of Centennial Resource Development Inc (NASDAQ:CDEV) have received an average rating of “Buy” from the eighteen analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $22.71.

Several analysts have commented on the stock. BidaskClub cut shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. 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 on the stock. Scotiabank reiterated a “buy” rating and issued a $22.00 price target on shares of Centennial Resource Development in a research note on Tuesday, November 7th. 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 on the stock. Finally, Zacks Investment Research upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating and set a $19.00 price target on the stock in a research note on Thursday, September 7th.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Centennial Resource Development by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 7,773,597 shares of the oil and natural gas company’s stock valued at $122,979,000 after buying an additional 25,861 shares in the last quarter. BlackRock Inc. raised its position in shares of Centennial Resource Development by 175.1% during the 2nd quarter. BlackRock Inc. now owns 5,992,125 shares of the oil and natural gas company’s stock valued at $94,795,000 after buying an additional 3,814,249 shares in the last quarter. Magnetar Financial LLC purchased a new stake in shares of Centennial Resource Development during the 3rd quarter valued at about $72,858,000. State Street Corp raised its position in shares of Centennial Resource Development by 191.3% during the 2nd quarter. State Street Corp now owns 3,084,242 shares of the oil and natural gas company’s stock valued at $48,795,000 after buying an additional 2,025,288 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its position in shares of Centennial Resource Development by 8.3% during the 3rd 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 buying an additional 227,753 shares in the last quarter. Hedge funds and other institutional investors own 93.44% of the company’s stock.

Shares of Centennial Resource Development (CDEV) opened at $20.37 on Friday. The company has a market cap of $5,230.00 and a price-to-earnings ratio of -17.87. Centennial Resource Development has a one year low of $14.10 and a one year 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.

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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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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