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

Credit Suisse Group initiated coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a report published on Monday, MarketBeat reports. The firm issued an outperform rating and a $22.00 price target on the oil and natural gas company’s stock.

Several other research analysts have also recently issued reports on the stock. BidaskClub cut shares of Centennial Resource Development from a buy rating to a hold rating in a report on Thursday, December 7th. Wolfe Research began coverage on shares of Centennial Resource Development in a research report on Tuesday, November 14th. They issued an outperform rating for the company. Scotiabank reiterated a buy rating and issued a $22.00 price target on shares of Centennial Resource Development in a research report on Tuesday, November 7th. Zacks Investment Research downgraded shares of 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 shares of Centennial Resource Development in a research report on Monday, October 16th. They issued a buy rating for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Centennial Resource Development currently has an average rating of Buy and a consensus price target of $22.47.

Centennial Resource Development (NASDAQ CDEV) opened at $19.27 on Monday. Centennial Resource Development has a twelve month low of $14.10 and a twelve month high of $22.11. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.43 and a current ratio of 0.43.

A number of hedge funds and other institutional investors have recently modified their holdings of CDEV. Schwab Charles Investment Management Inc. grew its stake in Centennial Resource Development by 28.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 146,556 shares of the oil and natural gas company’s stock valued at $2,672,000 after acquiring an additional 32,327 shares during the last quarter. State Street Corp grew its stake in Centennial Resource Development by 3,360.6% in the 1st quarter. State Street Corp now owns 1,058,954 shares of the oil and natural gas company’s stock valued at $19,305,000 after acquiring an additional 1,028,354 shares during the last quarter. Credit Suisse AG acquired a new stake in Centennial Resource Development in the 1st quarter valued at about $283,000. Bank of Montreal Can grew its stake in Centennial Resource Development by 118.1% in the 2nd quarter. Bank of Montreal Can now owns 70,110 shares of the oil and natural gas company’s stock valued at $1,109,000 after acquiring an additional 37,962 shares during the last quarter. Finally, Great West Life Assurance Co. Can acquired a new stake in Centennial Resource Development in the 2nd quarter valued at about $158,000. 93.48% of the stock is currently owned by hedge funds and other institutional investors.

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Centennial Resource Development 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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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