Centennial Resource Development (CDEV) Now Covered by Analysts at Credit Suisse Group

Investment analysts at Credit Suisse Group began coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a report issued on Monday. The firm set an “outperform” rating and a $22.00 price target on the oil and natural gas company’s stock. Credit Suisse Group’s target price would suggest a potential upside of 13.34% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. BidaskClub lowered Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. Scotiabank restated a “buy” rating and set a $22.00 price target on shares of Centennial Resource Development in a report on Tuesday, November 7th. Imperial Capital started coverage on Centennial Resource Development in a report on Friday, August 18th. They set an “outperform” rating and a $22.00 price target on the stock. KLR Group started coverage on Centennial Resource Development in a report on Monday, September 25th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Zacks Investment Research upgraded Centennial Resource Development from a “sell” rating to a “hold” rating and set a $19.00 price target on the stock in a report on Thursday, September 7th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $22.47.

Centennial Resource Development (NASDAQ:CDEV) traded up $0.48 during midday trading on Monday, hitting $19.41. The stock had a trading volume of 657,900 shares, compared to its average volume of 1,433,134. Centennial Resource Development has a 12 month low of $14.10 and a 12 month 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.

Several hedge funds have recently bought and sold shares of the business. Cetera Advisors LLC grew its holdings in shares of Centennial Resource Development by 77.5% during the 3rd quarter. Cetera Advisors LLC now owns 32,696 shares of the oil and natural gas company’s stock worth $589,000 after acquiring an additional 14,279 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of Centennial Resource Development by 8.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,981,444 shares of the oil and natural gas company’s stock worth $53,577,000 after acquiring an additional 227,753 shares during the period. Caxton Associates LP purchased a new position in shares of Centennial Resource Development during the 3rd quarter worth approximately $4,267,000. Jackson Square Partners LLC purchased a new position in shares of Centennial Resource Development during the 3rd quarter worth approximately $909,000. Finally, Magnetar Financial LLC purchased a new position in shares of Centennial Resource Development during the 3rd quarter worth approximately $72,858,000. Hedge funds and other institutional investors own 93.48% of the company’s stock.

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About Centennial Resource Development

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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