Stock analysts at Howard Weil assumed coverage on shares of Centennial Res (NASDAQ:CDEV) in a research note issued to investors on Friday. The firm set a “sector outperform” rating and a $21.00 price target on the oil and natural gas company’s stock. Howard Weil’s price target would suggest a potential upside of 30.27% from the stock’s previous close.
Several other analysts have also weighed in on the stock. Wunderlich lifted their price objective on shares of Centennial Res from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, March 23rd. Zacks Investment Research lowered shares of Centennial Res from a “hold” rating to a “sell” rating in a research note on Thursday, April 13th. Canaccord Genuity lowered their price objective on shares of Centennial Res from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, March 27th. Citigroup Inc. started coverage on shares of Centennial Res in a research note on Monday, May 1st. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Tudor Pickering reiterated a “buy” rating and issued a $29.00 price objective on shares of Centennial Res in a research note on Thursday, March 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $22.75.
Shares of Centennial Res (NASDAQ CDEV) opened at 16.12 on Friday. The company has a market cap of $3.34 billion, a P/E ratio of 233.62 and a beta of 2.12. Centennial Res has a 12 month low of $10.40 and a 12 month high of $20.97. The stock’s 50 day moving average is $15.26 and its 200 day moving average is $17.25.
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In other Centennial Res news, CFO George S. Glyphis purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was acquired at an average price of $15.02 per share, for a total transaction of $150,200.00. Following the purchase, the chief financial officer now owns 20,490 shares of the company’s stock, valued at approximately $307,759.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 44.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CDEV. Koch Industries Inc. acquired a new stake in shares of Centennial Res during the first quarter worth approximately $325,000. Russell Investments Group Ltd. acquired a new stake in shares of Centennial Res during the fourth quarter worth approximately $2,094,000. Orbis Allan Gray Ltd acquired a new stake in shares of Centennial Res during the fourth quarter worth approximately $11,650,000. Schroder Investment Management Group raised its stake in shares of Centennial Res by 0.8% in the first quarter. Schroder Investment Management Group now owns 1,854,732 shares of the oil and natural gas company’s stock worth $33,496,000 after buying an additional 15,334 shares during the period. Finally, Bank of Montreal Can acquired a new stake in shares of Centennial Res during the first quarter worth approximately $586,000.
About Centennial Res
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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