Bank of New York Mellon Corp grew its holdings in shares of Centennial Resource Development Inc (NASDAQ:CDEV) by 8.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 689,215 shares of the oil and natural gas company’s stock after purchasing an additional 51,153 shares during the period. Bank of New York Mellon Corp’s holdings in Centennial Resource Development were worth $12,448,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the business. UBS Group AG lifted its holdings in shares of Centennial Resource Development by 466.9% during the 1st quarter. UBS Group AG now owns 14,735 shares of the oil and natural gas company’s stock worth $271,000 after acquiring an additional 12,136 shares during the period. Aperio Group LLC bought a new stake in shares of Centennial Resource Development during the 2nd quarter worth approximately $370,000. Commonwealth Equity Services LLC lifted its holdings in shares of Centennial Resource Development by 64.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 25,072 shares of the oil and natural gas company’s stock worth $453,000 after acquiring an additional 9,794 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Centennial Resource Development during the 2nd quarter worth approximately $3,114,000. Finally, First Trust Advisors LP bought a new stake in shares of Centennial Resource Development during the 2nd quarter worth approximately $3,162,000.
CDEV has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. Barclays cut their price target on shares of Centennial Resource Development from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, November 16th. KLR Group reaffirmed a “buy” rating and set a $29.00 price target on shares of Centennial Resource Development in a report on Monday, August 20th. BidaskClub downgraded shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Friday, October 26th. Finally, Royal Bank of Canada set a $30.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Monday, October 1st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $24.30.
Shares of NASDAQ:CDEV opened at $15.22 on Friday. The company has a market capitalization of $4.41 billion, a P/E ratio of 54.36 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. Centennial Resource Development Inc has a one year low of $14.77 and a one year high of $23.12.
Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The company had revenue of $234.88 million during the quarter, compared to the consensus estimate of $239.43 million. Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. Centennial Resource Development’s revenue for the quarter was up 110.4% on a year-over-year basis. On average, research analysts forecast that Centennial Resource Development Inc will post 0.87 earnings per share for the current fiscal year.
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About Centennial Resource Development
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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