Centennial Resource Development Inc (CDEV) Holdings Boosted by Wells Fargo & Company MN

Wells Fargo & Company MN grew its holdings in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 30.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 102,657 shares of the oil and natural gas company’s stock after purchasing an additional 23,849 shares during the period. Wells Fargo & Company MN’s holdings in Centennial Resource Development were worth $1,845,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CDEV. Schwab Charles Investment Management Inc. increased its position in Centennial Resource Development by 88.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 275,553 shares of the oil and natural gas company’s stock worth $4,360,000 after purchasing an additional 128,997 shares during the period. Rhumbline Advisers acquired a new position in Centennial Resource Development during the 2nd quarter worth approximately $1,548,000. Bank of New York Mellon Corp increased its position in Centennial Resource Development by 596.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 391,489 shares of the oil and natural gas company’s stock worth $6,192,000 after purchasing an additional 335,270 shares during the period. Legal & General Group Plc acquired a new stake in shares of Centennial Resource Development in the 2nd quarter worth approximately $585,000. Finally, Comerica Bank acquired a new stake in shares of Centennial Resource Development in the 2nd quarter worth approximately $184,000. Institutional investors own 93.44% of the company’s stock.

Shares of Centennial Resource Development Inc (CDEV) opened at $20.44 on Thursday. Centennial Resource Development Inc has a 52 week low of $14.10 and a 52 week high of $22.11. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $5,250.00 and a P/E ratio of -17.93.

Centennial Resource Development (NASDAQ:CDEV) last posted its earnings results on Monday, November 6th. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Centennial Resource Development had a negative return on equity of 5.52% and a negative net margin of 49.20%. equities analysts forecast that Centennial Resource Development Inc will post 0.27 earnings per share for the current year.

A number of equities research analysts recently weighed in on CDEV shares. KLR Group started coverage on Centennial Resource Development in a report on Monday, September 25th. They issued a “buy” rating and a $30.00 price target on the stock. BidaskClub upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Wednesday, December 27th. Seaport Global Securities upgraded Centennial Resource Development from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Tuesday, December 19th. Stifel Nicolaus set a $21.00 price target on Centennial Resource Development and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Bank of America started coverage on Centennial Resource Development in a report on Monday, October 16th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $22.47.

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Centennial Resource Development 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.

Institutional Ownership by Quarter for Centennial Resource Development (NASDAQ:CDEV)

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