Centennial Resource Development Inc (NASDAQ:CDEV)’s share price shot up 5.7% on Wednesday . The company traded as high as $19.03 and last traded at $18.95. 1,361,206 shares were traded during mid-day trading, a decline of 23% from the average session volume of 1,769,116 shares. The stock had previously closed at $17.92.

A number of brokerages have weighed in on CDEV. Zacks Investment Research lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Tuesday, January 30th. Stifel Nicolaus set a $25.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a report on Tuesday, January 30th. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Thursday, January 25th. Citigroup decreased their price target on shares of Centennial Resource Development from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Deutsche Bank began coverage on shares of Centennial Resource Development in a report on Thursday, February 1st. They issued a “buy” rating and a $26.00 price target on the stock. Two analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $23.53.

The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $4,860.00 and a P/E ratio of -16.62.

Hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. raised its stake in shares of Centennial Resource Development by 90.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 525,372 shares of the oil and natural gas company’s stock valued at $9,441,000 after acquiring an additional 249,819 shares during the period. Gluskin Sheff & Assoc Inc. purchased a new position in shares of Centennial Resource Development in the 3rd quarter valued at $927,000. Neuberger Berman Group LLC raised its stake in shares of Centennial Resource Development by 8.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,981,444 shares of the oil and natural gas company’s stock valued at $53,577,000 after acquiring an additional 227,753 shares during the period. Vanguard Group Inc. raised its stake in shares of Centennial Resource Development by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,773,597 shares of the oil and natural gas company’s stock valued at $122,979,000 after acquiring an additional 25,861 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Centennial Resource Development by 12.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 438,683 shares of the oil and natural gas company’s stock valued at $7,883,000 after acquiring an additional 47,194 shares during the period. 93.72% of the stock is currently owned by institutional investors and hedge funds.

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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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