Daiwa Securities Group Inc. boosted its position in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 22.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 119,895 shares of the oil and natural gas company’s stock after acquiring an additional 21,895 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Centennial Resource Development were worth $2,620,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of CDEV. Frontier Capital Management Co. LLC purchased a new stake in Centennial Resource Development during the second quarter valued at $81,270,000. OppenheimerFunds Inc. purchased a new stake in Centennial Resource Development during the second quarter valued at $23,479,000. BlackRock Inc. increased its position in Centennial Resource Development by 13.1% during the second quarter. BlackRock Inc. now owns 7,488,572 shares of the oil and natural gas company’s stock valued at $135,243,000 after acquiring an additional 866,574 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Centennial Resource Development by 42.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,556,854 shares of the oil and natural gas company’s stock worth $46,183,000 after buying an additional 757,987 shares in the last quarter. Finally, Marshall Wace LLP increased its position in Centennial Resource Development by 2,262.7% in the second quarter. Marshall Wace LLP now owns 461,363 shares of the oil and natural gas company’s stock worth $8,332,000 after buying an additional 441,836 shares in the last quarter. Institutional investors own 94.31% of the company’s stock.
NASDAQ:CDEV opened at $18.54 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.79 and a quick ratio of 0.89. Centennial Resource Development Inc has a 12-month low of $15.78 and a 12-month high of $23.12. The stock has a market cap of $5.47 billion, a P/E ratio of 25.41 and a beta of 1.51.
Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The business had revenue of $234.88 million for the quarter, compared to analysts’ expectations of $239.43 million. The company’s quarterly revenue was up 110.4% compared to the same quarter last year. As a group, research analysts anticipate that Centennial Resource Development Inc will post 0.92 EPS for the current year.
CDEV has been the subject of a number of analyst reports. BidaskClub upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. SunTrust Banks upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Friday, September 7th. Barclays initiated coverage on Centennial Resource Development in a research report on Wednesday, August 29th. They issued an “overweight” rating and a $24.00 price target for the company. Jefferies Financial Group initiated coverage on Centennial Resource Development in a research report on Thursday, August 23rd. They issued a “buy” rating and a $23.00 price target for the company. Finally, Royal Bank of Canada set a $30.00 price target on Centennial Resource Development and gave the stock a “buy” rating in a research report on Monday, October 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $24.89.
About Centennial Resource Development
Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.
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