Centennial Resource Development (CDEV) Lifted to Buy at Zacks Investment Research

Centennial Resource Development (NASDAQ:CDEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $22.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 21.55% from the company’s previous close.

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. “

Other equities analysts also recently issued research reports about the company. BidaskClub downgraded Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Stifel Nicolaus set a $25.00 price target on Centennial Resource Development and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Deutsche Bank assumed coverage on Centennial Resource Development in a research report on Thursday, February 1st. They set a “buy” rating and a $26.00 price target for the company. Scotiabank reaffirmed a “buy” rating and set a $22.00 price target on shares of Centennial Resource Development in a research report on Tuesday, November 7th. Finally, Credit Suisse Group assumed coverage on Centennial Resource Development in a research report on Monday, December 11th. They set an “outperform” rating and a $22.00 price target for the company. Two research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Centennial Resource Development has an average rating of “Buy” and an average price target of $23.47.

Centennial Resource Development (CDEV) traded down $0.23 during trading hours on Thursday, reaching $18.10. The company’s stock had a trading volume of 3,123,647 shares, compared to its average volume of 1,815,848. Centennial Resource Development has a 52-week low of $14.10 and a 52-week high of $22.14. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.43 and a quick ratio of 0.43.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of Centennial Resource Development by 9.9% in the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock valued at $145,000 after buying an additional 830 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Centennial Resource Development by 44.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,033 shares of the oil and natural gas company’s stock valued at $159,000 after purchasing an additional 2,490 shares during the last quarter. TIAA FSB lifted its holdings in Centennial Resource Development by 3.4% during the 4th quarter. TIAA FSB now owns 81,403 shares of the oil and natural gas company’s stock valued at $1,611,000 after purchasing an additional 2,647 shares during the last quarter. Comerica Bank lifted its holdings in Centennial Resource Development by 23.7% during the 4th quarter. Comerica Bank now owns 16,710 shares of the oil and natural gas company’s stock valued at $357,000 after purchasing an additional 3,199 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its holdings in Centennial Resource Development by 123.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 7,781 shares of the oil and natural gas company’s stock valued at $154,000 after purchasing an additional 4,298 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

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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.

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