Bank of New York Mellon Corp grew its holdings in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 8.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 689,215 shares of the oil and natural gas company’s stock after buying an additional 51,153 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.25% of Centennial Resource Development worth $12,448,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of CDEV. Janus Henderson Group PLC bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at about $1,468,000. Rhumbline Advisers raised its holdings in shares of Centennial Resource Development by 15.7% in the 2nd quarter. Rhumbline Advisers now owns 170,805 shares of the oil and natural gas company’s stock valued at $3,085,000 after purchasing an additional 23,131 shares during the period. First Trust Advisors LP bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at about $3,162,000. Victory Capital Management Inc. raised its holdings in shares of Centennial Resource Development by 13.3% in the 2nd quarter. Victory Capital Management Inc. now owns 110,707 shares of the oil and natural gas company’s stock valued at $1,999,000 after purchasing an additional 12,977 shares during the period. Finally, FMR LLC raised its holdings in shares of Centennial Resource Development by 0.8% in the 2nd quarter. FMR LLC now owns 31,157,173 shares of the oil and natural gas company’s stock valued at $562,698,000 after purchasing an additional 240,034 shares during the period.
A number of equities research analysts have recently issued reports on CDEV shares. TheStreet raised shares of Centennial Resource Development from a “c” rating to a “b-” rating in a report on Friday, August 31st. Zacks Investment Research raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Tuesday, October 9th. BidaskClub cut shares of Centennial Resource Development from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Royal Bank of Canada set a $30.00 target price on shares of Centennial Resource Development and gave the company a “buy” rating in a report on Monday, October 1st. Finally, Jefferies Financial Group started coverage on shares of Centennial Resource Development in a report on Thursday, August 23rd. They issued a “buy” rating and a $23.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Centennial Resource Development presently has an average rating of “Buy” and an average target price of $24.30.
Shares of CDEV opened at $15.22 on Friday. Centennial Resource Development Inc has a 52 week low of $14.77 and a 52 week high of $23.12. The stock has a market capitalization of $4.41 billion, a P/E ratio of 54.36 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.17.
Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The company had revenue of $234.88 million during the quarter, compared to analyst estimates of $239.43 million. The company’s quarterly revenue was up 110.4% on a year-over-year basis. Equities analysts expect that Centennial Resource Development Inc will post 0.87 earnings per share for the current year.
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Centennial Resource Development Company Profile
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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