Bank of America Corp DE Acquires 48,367 Shares of Centennial Resource Development Inc (NASDAQ:CDEV)

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Bank of America Corp DE raised its stake in Centennial Resource Development Inc (NASDAQ:CDEV) by 10.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 505,841 shares of the oil and natural gas company’s stock after buying an additional 48,367 shares during the period. Bank of America Corp DE owned about 0.18% of Centennial Resource Development worth $9,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CDEV. Cerebellum GP LLC purchased a new stake in Centennial Resource Development during the second quarter worth $161,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Centennial Resource Development during the second quarter valued at $172,000. Strs Ohio purchased a new position in Centennial Resource Development during the second quarter valued at $218,000. Stonebridge Capital Management Inc. purchased a new position in Centennial Resource Development during the second quarter valued at $221,000. Finally, Brown Advisory Inc. purchased a new position in Centennial Resource Development during the second quarter valued at $228,000. 94.31% of the stock is owned by institutional investors.

Shares of NASDAQ CDEV traded up $0.09 during midday trading on Friday, hitting $18.54. The company’s stock had a trading volume of 4,034,958 shares, compared to its average volume of 2,192,055. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.79. Centennial Resource Development Inc has a 1 year low of $15.78 and a 1 year high of $23.12. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 66.21 and a beta of 1.51.

Centennial Resource Development (NASDAQ:CDEV) last posted 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). Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The business had revenue of $234.88 million during the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development’s revenue for the quarter was up 110.4% compared to the same quarter last year. Equities analysts predict that Centennial Resource Development Inc will post 0.92 EPS for the current fiscal year.

CDEV has been the topic of several research reports. Zacks Investment Research raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Tuesday, October 9th. 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 research note on Monday, October 1st. BidaskClub downgraded shares of Centennial Resource Development from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. TheStreet raised shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. Finally, SunTrust Banks upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, September 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Centennial Resource Development has a consensus rating of “Buy” and an average price target of $24.89.

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Centennial Resource Development Profile

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

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