Centennial Resource Development, Inc. (NASDAQ:CDEV) shares were up 16.6% on Thursday . The company traded as high as $5.53 and last traded at $5.41. Approximately 32,309,105 shares traded hands during trading, an increase of 244% from the average daily volume of 9,399,869 shares. The stock had previously closed at $4.64.
A number of brokerages recently issued reports on CDEV. Stifel Nicolaus lowered Centennial Resource Development from a “buy” rating to a “hold” rating and set a $1.80 target price for the company. in a research note on Monday, January 25th. Zacks Investment Research lowered Centennial Resource Development from a “buy” rating to a “hold” rating and set a $2.75 price objective on the stock. in a report on Friday, January 15th. Wells Fargo & Company downgraded Centennial Resource Development to a “sell” rating in a report on Friday, November 13th. KeyCorp increased their price target on shares of Centennial Resource Development from $2.00 to $3.00 and gave the stock an “overweight” rating in a report on Thursday, January 21st. Finally, MKM Partners lowered shares of Centennial Resource Development from a “buy” rating to a “neutral” rating and set a $1.00 price target for the company. in a research report on Monday, November 30th. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $1.53.
The firm has a market cap of $1.39 billion, a PE ratio of -2.35 and a beta of 6.82. The stock’s fifty day moving average price is $3.19 and its 200-day moving average price is $1.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.53 and a quick ratio of 0.53.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in Centennial Resource Development during the fourth quarter worth about $1,064,000. SG Americas Securities LLC purchased a new position in shares of Centennial Resource Development during the 4th quarter worth approximately $313,000. Cannell Peter B & Co. Inc. purchased a new position in shares of Centennial Resource Development during the 3rd quarter worth approximately $48,000. Charles Schwab Investment Management Inc. increased its holdings in Centennial Resource Development by 40.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,576,038 shares of the oil and natural gas company’s stock valued at $1,552,000 after purchasing an additional 742,102 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Centennial Resource Development by 47.0% in the third quarter. Wells Fargo & Company MN now owns 915,711 shares of the oil and natural gas company’s stock valued at $552,000 after purchasing an additional 292,832 shares during the period. Hedge funds and other institutional investors own 53.72% of the company’s stock.
Centennial Resource Development Company Profile (NASDAQ:CDEV)
Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.
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