Centennial Resource Development Inc (NASDAQ:CDEV) – Stock analysts at Seaport Global Securities boosted their FY2017 earnings estimates for Centennial Resource Development in a research report issued on Tuesday, Zacks Investment Research reports. Seaport Global Securities analyst M. Kelly now forecasts that the oil and natural gas company will post earnings of $0.27 per share for the year, up from their prior forecast of $0.18. Seaport Global Securities has a “Buy” rating and a $19.00 price objective on the stock.
Other equities research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Scotiabank restated a “buy” rating and set a $22.00 price objective on shares of Centennial Resource Development in a research note on Tuesday, November 7th. Stifel Nicolaus set a $21.00 price objective on shares of Centennial Resource Development and gave the company a “buy” rating in a research note on Thursday, October 5th. KLR Group initiated coverage on shares of Centennial Resource Development in a research note on Monday, September 25th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Bank of America initiated coverage on shares of Centennial Resource Development in a research note on Monday, October 16th. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $22.47.
Shares of Centennial Resource Development (NASDAQ:CDEV) remained flat at $$20.29 during midday trading on Thursday. 746,775 shares of the stock traded hands, compared to its average volume of 1,331,467. Centennial Resource Development has a 52 week low of $14.10 and a 52 week high of $22.11. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $5,210.00 and a P/E ratio of -17.80.
A number of institutional investors and hedge funds have recently modified their holdings of CDEV. Credit Suisse AG purchased a new position in Centennial Resource Development in the 1st quarter worth about $283,000. Great West Life Assurance Co. Can purchased a new position in Centennial Resource Development in the 2nd quarter worth about $158,000. Schwab Charles Investment Management Inc. increased its stake in Centennial Resource Development by 88.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 275,553 shares of the oil and natural gas company’s stock worth $4,360,000 after purchasing an additional 128,997 shares in the last quarter. Rhumbline Advisers purchased a new position in Centennial Resource Development in the 2nd quarter worth about $1,548,000. Finally, State of Wisconsin Investment Board purchased a new position in Centennial Resource Development in the 2nd quarter worth about $349,000. 93.44% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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