Seaport Global Securities upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a neutral rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $19.00 price objective on the oil and natural gas company’s stock.

A number of other brokerages have also issued reports on CDEV. Scotiabank reaffirmed a buy rating and set a $22.00 price target on shares of Centennial Resource Development in a research note on Tuesday, November 7th. Wolfe Research assumed coverage on Centennial Resource Development in a research note on Tuesday, November 14th. They set an outperform rating for the company. Zacks Investment Research lowered Centennial Resource Development from a buy rating to a hold rating in a research note on Thursday, November 2nd. Credit Suisse Group assumed coverage on Centennial Resource Development in a research note on Monday, December 11th. They set an outperform rating and a $22.00 price objective for the company. Finally, BidaskClub lowered Centennial Resource Development from a buy rating to a hold rating in a research note on Thursday, December 7th. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $22.47.

Shares of Centennial Resource Development (NASDAQ:CDEV) traded down $0.03 during mid-day trading on Tuesday, reaching $18.99. The company had a trading volume of 2,134,000 shares, compared to its average volume of 1,439,284. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.43 and a quick ratio of 0.43. Centennial Resource Development has a 1-year low of $14.10 and a 1-year high of $22.11.

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in 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 buying an additional 830 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in Centennial Resource Development during the second quarter worth $158,000. Prudential Financial Inc. acquired a new position in Centennial Resource Development during the third quarter worth $189,000. Quantbot Technologies LP acquired a new position in Centennial Resource Development during the third quarter worth $198,000. Finally, Cipher Capital LP acquired a new position in Centennial Resource Development during the second quarter worth $182,000. Institutional investors and hedge funds 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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