Citigroup Cuts Centennial Resource Development (CDEV) Price Target to $23.00

Centennial Resource Development (NASDAQ:CDEV) had its price target decreased by analysts at Citigroup from $25.00 to $23.00 in a report released on Tuesday. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Citigroup’s price objective would indicate a potential upside of 23.19% from the company’s current price.

Several other analysts have also commented on the stock. Seaport Global Securities raised shares of Centennial Resource Development from a “neutral” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Tuesday, December 19th. Wolfe Research started coverage on shares of Centennial Resource Development in a report on Tuesday, November 14th. They set an “outperform” rating on the stock. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. Credit Suisse Group started coverage on shares of Centennial Resource Development in a report on Monday, December 11th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Centennial Resource Development presently has a consensus rating of “Buy” and an average price target of $23.53.

Centennial Resource Development (NASDAQ CDEV) traded up $0.57 during mid-day trading on Tuesday, reaching $18.67. 1,416,600 shares of the company traded hands, compared to its average volume of 1,744,230. Centennial Resource Development has a fifty-two week low of $14.10 and a fifty-two week high of $22.14. The firm has a market capitalization of $4,790.00 and a price-to-earnings ratio of -16.38. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06.

Institutional investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. increased its stake in Centennial Resource Development by 90.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 525,372 shares of the oil and natural gas company’s stock valued at $9,441,000 after buying an additional 249,819 shares during the period. Gluskin Sheff & Assoc Inc. acquired a new position in Centennial Resource Development in the 3rd quarter valued at approximately $927,000. Neuberger Berman Group LLC increased its stake in Centennial Resource Development by 8.3% in 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 during the period. Vanguard Group Inc. increased its stake in Centennial Resource Development by 0.3% in 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 during the period. Finally, Bank of New York Mellon Corp increased its stake in Centennial Resource Development by 12.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 438,683 shares of the oil and natural gas company’s stock valued at $7,883,000 after buying an additional 47,194 shares during the period. Hedge funds and other institutional investors own 93.72% of the company’s stock.

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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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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