Citigroup Inc. Grows Stock Position in Centennial Resource Development, Inc. (NASDAQ:CDEV)

Citigroup Inc. lifted its stake in shares of Centennial Resource Development, Inc. (NASDAQ:CDEV) by 85.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 877,751 shares of the oil and natural gas company’s stock after buying an additional 404,148 shares during the quarter. Citigroup Inc.’s holdings in Centennial Resource Development were worth $5,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in CDEV. Axiom Investment Management LLC purchased a new stake in shares of Centennial Resource Development during the first quarter worth approximately $42,000. Vontobel Holding Ltd. purchased a new position in Centennial Resource Development in the first quarter worth $46,000. XTX Topco Ltd purchased a new position in Centennial Resource Development in the first quarter worth $53,000. Rockefeller Capital Management L.P. purchased a new position in Centennial Resource Development in the first quarter worth $54,000. Finally, Solstein Capital LLC purchased a new position in Centennial Resource Development in the first quarter worth $70,000. Institutional investors and hedge funds own 69.79% of the company’s stock.

CDEV has been the subject of several research analyst reports. MKM Partners upgraded Centennial Resource Development from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $6.00 to $7.00 in a research report on Tuesday, August 10th. They noted that the move was a valuation call. Cowen upgraded Centennial Resource Development from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $4.00 to $5.75 in a research report on Wednesday, August 18th. KeyCorp upped their target price on Centennial Resource Development from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Thursday, June 24th. Citigroup assumed coverage on Centennial Resource Development in a report on Friday, July 16th. They issued a “neutral” rating and a $7.50 target price on the stock. Finally, Zacks Investment Research raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research note on Monday, July 12th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $5.72.

Shares of NASDAQ CDEV opened at $5.82 on Friday. Centennial Resource Development, Inc. has a fifty-two week low of $0.53 and a fifty-two week high of $7.51. The business has a 50 day moving average price of $5.12 and a two-hundred day moving average price of $5.20. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.63 billion, a PE ratio of -8.08 and a beta of 6.55.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 2nd. The oil and natural gas company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.16). Centennial Resource Development had a negative net margin of 27.68% and a negative return on equity of 3.79%. The business had revenue of $232.58 million for the quarter, compared to analyst estimates of $193.91 million. On average, analysts anticipate that Centennial Resource Development, Inc. will post 0.5 earnings per share for the current year.

In other news, COO Matthew R. Garrison sold 89,096 shares of Centennial Resource Development stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $5.12, for a total value of $456,171.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 38.60% of the stock is currently owned by company insiders.

About Centennial Resource Development

Centennial Resource Development, Inc operates as oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded in October 2014 and is headquartered in Denver, CO.

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

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