Zacks Investment Research upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a hold rating to a buy rating in a research note issued to investors on Thursday. They currently have $22.00 price objective on the oil and natural gas company’s stock.

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 equities research analysts have also issued reports on the stock. Deutsche Bank assumed coverage on shares of Centennial Resource Development in a research report on Thursday, February 1st. They set a buy rating and a $26.00 target price for the company. BidaskClub lowered shares of Centennial Resource Development from a buy rating to a hold rating in a research report on Wednesday, January 31st. Stifel Nicolaus set a $25.00 target price on shares of Centennial Resource Development and gave the company a buy rating in a research report on Tuesday, January 30th. Guggenheim assumed coverage on shares of Centennial Resource Development in a research report on Monday, January 29th. They set a buy rating and a $29.00 target price for the company. Finally, Seaport Global Securities upgraded shares of Centennial Resource Development from a neutral rating to a buy rating and set a $19.00 target price for the company in a research report on Tuesday, December 19th. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Centennial Resource Development has a consensus rating of Buy and an average target price of $23.47.

Shares of Centennial Resource Development (NASDAQ:CDEV) opened at $18.10 on Thursday. Centennial Resource Development has a 1 year low of $14.10 and a 1 year high of $22.14. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06.

Several institutional investors and hedge funds have recently made changes to their positions in CDEV. Royal Bank of Canada lifted its holdings in shares of Centennial Resource Development by 9.9% in 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 acquiring an additional 830 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in shares of Centennial Resource Development by 123.4% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 7,781 shares of the oil and natural gas company’s stock worth $154,000 after acquiring an additional 4,298 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Centennial Resource Development by 44.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,033 shares of the oil and natural gas company’s stock worth $159,000 after acquiring an additional 2,490 shares during the last quarter. First Quadrant L P CA bought a new stake in shares of Centennial Resource Development in the 4th quarter worth approximately $175,000. Finally, Prudential Financial Inc. bought a new stake in shares of Centennial Resource Development in the 3rd quarter worth approximately $189,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

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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.

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