Great Lakes Advisors LLC Cuts Position in Centennial Resource Development Inc (CDEV)

Great Lakes Advisors LLC trimmed its position in Centennial Resource Development Inc (NASDAQ:CDEV) by 49.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 225,646 shares of the oil and natural gas company’s stock after selling 223,465 shares during the period. Great Lakes Advisors LLC’s holdings in Centennial Resource Development were worth $1,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDEV. JPMorgan Chase & Co. increased its holdings in Centennial Resource Development by 21.8% in the 1st quarter. JPMorgan Chase & Co. now owns 2,670,441 shares of the oil and natural gas company’s stock valued at $23,474,000 after purchasing an additional 478,565 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of Centennial Resource Development by 17.8% in the first quarter. Frontier Capital Management Co. LLC now owns 5,066,515 shares of the oil and natural gas company’s stock worth $44,535,000 after acquiring an additional 764,828 shares in the last quarter. First Mercantile Trust Co. grew its stake in shares of Centennial Resource Development by 11.3% in the first quarter. First Mercantile Trust Co. now owns 45,377 shares of the oil and natural gas company’s stock worth $399,000 after acquiring an additional 4,625 shares in the last quarter. Teton Advisors Inc. grew its stake in shares of Centennial Resource Development by 13.7% in the first quarter. Teton Advisors Inc. now owns 107,923 shares of the oil and natural gas company’s stock worth $949,000 after acquiring an additional 13,029 shares in the last quarter. Finally, Stonebridge Capital Management Inc. grew its stake in shares of Centennial Resource Development by 89.6% in the first quarter. Stonebridge Capital Management Inc. now owns 24,225 shares of the oil and natural gas company’s stock worth $213,000 after acquiring an additional 11,450 shares in the last quarter.

Several equities analysts have commented on CDEV shares. Cowen downgraded shares of Centennial Resource Development from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $15.00 to $11.00 in a research note on Wednesday, February 27th. Barclays upgraded shares of Centennial Resource Development from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $10.00 to $13.00 in a research note on Tuesday, April 30th. BidaskClub downgraded shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research note on Tuesday, February 12th. Guggenheim set a $20.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Tuesday, February 26th. Finally, Zacks Investment Research upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Wednesday, February 6th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $18.24.

Centennial Resource Development stock opened at $9.51 on Thursday. The firm has a market cap of $2.79 billion, a PE ratio of 12.68, a PEG ratio of 1.38 and a beta of 1.94. Centennial Resource Development Inc has a 12-month low of $8.28 and a 12-month high of $23.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.78 and a quick ratio of 0.78.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings data on Monday, May 6th. The oil and natural gas company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.04. Centennial Resource Development had a net margin of 14.13% and a return on equity of 5.04%. The business had revenue of $214.57 million during the quarter, compared to analysts’ expectations of $211.08 million. During the same period in the previous year, the company earned $0.25 EPS. The company’s revenue for the quarter was down .6% on a year-over-year basis. As a group, sell-side analysts forecast that Centennial Resource Development Inc will post 0.44 earnings per share for the current 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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Institutional Ownership by Quarter for Centennial Resource Development (NASDAQ:CDEV)

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