Zacks Investment Research cut shares of Centennial Res (NASDAQ:CDEV) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

Several other brokerages have also recently issued reports on CDEV. Citigroup Inc. set a $22.00 target price on shares of Centennial Res and gave the stock a buy rating in a research note on Friday, October 13th. Scotiabank reaffirmed an outperform rating and set a $21.00 target price on shares of Centennial Res in a research note on Saturday, July 22nd. J P Morgan Chase & Co initiated coverage on shares of Centennial Res in a research report on Tuesday, August 1st. They set an overweight rating and a $19.00 price target on the stock. BMO Capital Markets set a $18.00 price target on shares of Centennial Res and gave the company a hold rating in a research report on Tuesday, October 10th. Finally, Bank of America Corporation initiated coverage on shares of Centennial Res in a research report on Monday, October 16th. They set a buy rating on the stock. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Centennial Res has a consensus rating of Buy and a consensus target price of $22.43.

Shares of Centennial Res (CDEV) traded up $0.45 on Thursday, reaching $20.74. 3,240,598 shares of the company’s stock traded hands, compared to its average volume of 1,405,068. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.01.

Centennial Res (NASDAQ:CDEV) last announced its earnings results on Monday, November 6th. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. sell-side analysts forecast that Centennial Res will post 0.24 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of CDEV. Vanguard Group Inc. raised its holdings in Centennial Res by 66.9% in the 1st quarter. Vanguard Group Inc. now owns 7,747,736 shares of the oil and natural gas company’s stock valued at $141,241,000 after buying an additional 3,106,958 shares during the period. Geode Capital Management LLC increased its stake in Centennial Res by 24.7% during the first quarter. Geode Capital Management LLC now owns 493,830 shares of the oil and natural gas company’s stock worth $9,002,000 after purchasing an additional 97,886 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Centennial Res by 28.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 146,556 shares of the oil and natural gas company’s stock worth $2,672,000 after purchasing an additional 32,327 shares during the period. Bank of America Corp DE increased its stake in Centennial Res by 14.6% during the first quarter. Bank of America Corp DE now owns 104,359 shares of the oil and natural gas company’s stock worth $1,902,000 after purchasing an additional 13,322 shares during the period. Finally, State Street Corp increased its stake in Centennial Res by 3,360.6% during the first quarter. State Street Corp now owns 1,058,954 shares of the oil and natural gas company’s stock worth $19,305,000 after purchasing an additional 1,028,354 shares during the period. Hedge funds and other institutional investors own 90.46% of the company’s stock.

Centennial Res 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.

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Analyst Recommendations for Centennial Res (NASDAQ:CDEV)

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