Centennial Resource Development (CDEV) Lifted to Buy at Seaport Global Securities

Centennial Resource Development (NASDAQ:CDEV) was upgraded by equities researchers at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat.com reports.

Other research analysts have also recently issued research reports about the stock. Scotiabank reaffirmed a “buy” rating and issued a $22.00 price target on shares of Centennial Resource Development in a report on Tuesday, November 7th. Stifel Nicolaus set a $21.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Thursday, October 5th. KLR Group initiated coverage on shares of Centennial Resource Development in a report on Monday, September 25th. They issued a “buy” rating and a $30.00 price target for the company. Bank of America initiated coverage on shares of Centennial Resource Development in a report on Monday, October 16th. They issued a “buy” rating for the company. Finally, Citigroup set a $22.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Friday, October 13th. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Centennial Resource Development has an average rating of “Buy” and a consensus price target of $22.47.

Centennial Resource Development (NASDAQ:CDEV) traded up $0.19 during midday trading on Tuesday, hitting $19.02. 1,541,200 shares of the company’s stock were exchanged, compared to its average volume of 1,436,426. Centennial Resource Development has a fifty-two week low of $14.10 and a fifty-two week high of $22.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.43 and a quick ratio of 0.43.

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in shares of Centennial Resource Development by 9.9% during the second quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after purchasing an additional 830 shares during the last quarter. Great West Life Assurance Co. Can purchased a new position in shares of Centennial Resource Development during the second quarter worth $158,000. Cipher Capital LP purchased a new position in shares of Centennial Resource Development during the second quarter worth $182,000. Comerica Bank purchased a new position in shares of Centennial Resource Development during the second quarter worth $184,000. Finally, Prudential Financial Inc. purchased a new position in shares of Centennial Resource Development during the third quarter worth $189,000. 93.44% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)