Centennial Resource Development (CDEV) Coverage Initiated at Credit Suisse Group

Research analysts at Credit Suisse Group started coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a research note issued to investors on Monday, December 11th, Marketbeat reports. The brokerage set an “outperform” rating and a $22.00 price target on the oil and natural gas company’s stock. Credit Suisse Group’s price target would indicate a potential upside of 8.80% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. BidaskClub cut Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. Wolfe Research began coverage on Centennial Resource Development in a report on Tuesday, November 14th. They issued an “outperform” rating for the company. Scotiabank reaffirmed a “buy” rating and issued a $22.00 target price on shares of Centennial Resource Development in a report on Tuesday, November 7th. Zacks Investment Research lowered Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Thursday, November 2nd. Finally, Bank of America began coverage on Centennial Resource Development in a research report on Monday, October 16th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Centennial Resource Development has a consensus rating of “Buy” and a consensus target price of $22.47.

Centennial Resource Development (NASDAQ:CDEV) traded down $0.46 during trading on Monday, hitting $20.22. The stock had a trading volume of 933,353 shares, compared to its average volume of 1,437,723. 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. The firm has a market cap of $5,250.00 and a PE ratio of -17.74.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in Centennial Resource Development by 9.9% during the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after buying an additional 830 shares during the period. Great West Life Assurance Co. Can purchased a new stake in shares of Centennial Resource Development in the second quarter worth approximately $158,000. Prudential Financial Inc. purchased a new stake in shares of Centennial Resource Development in the third quarter worth approximately $189,000. Quantbot Technologies LP purchased a new stake in shares of Centennial Resource Development in the third quarter worth approximately $198,000. Finally, Cipher Capital LP purchased a new stake in shares of Centennial Resource Development in the second quarter worth approximately $182,000. Hedge funds and other institutional investors own 93.44% 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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