Centennial Resource Development Inc (CDEV) Stake Boosted by Schwab Charles Investment Management Inc.

Schwab Charles Investment Management Inc. lifted its stake in Centennial Resource Development Inc (NASDAQ:CDEV) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 907,406 shares of the oil and natural gas company’s stock after acquiring an additional 49,679 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.33% of Centennial Resource Development worth $16,388,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. First Manhattan Co. lifted its holdings in shares of Centennial Resource Development by 59.0% in the 2nd quarter. First Manhattan Co. now owns 1,108,557 shares of the oil and natural gas company’s stock worth $20,020,000 after acquiring an additional 411,366 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Centennial Resource Development by 15.7% in the 2nd quarter. Rhumbline Advisers now owns 170,805 shares of the oil and natural gas company’s stock worth $3,085,000 after acquiring an additional 23,131 shares during the last quarter. Stonebridge Capital Management Inc. acquired a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $221,000. Dean Investment Associates LLC acquired a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $736,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Centennial Resource Development by 13.3% in the 2nd quarter. Victory Capital Management Inc. now owns 110,707 shares of the oil and natural gas company’s stock worth $1,999,000 after acquiring an additional 12,977 shares during the last quarter. Hedge funds and other institutional investors own 94.39% of the company’s stock.

Shares of CDEV opened at $21.12 on Friday. Centennial Resource Development Inc has a fifty-two week low of $15.78 and a fifty-two week high of $22.14. The company has a market cap of $5.80 billion, a P/E ratio of 75.43 and a beta of 1.38. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13.

Centennial Resource Development (NASDAQ:CDEV) last announced its earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. Centennial Resource Development had a net margin of 24.55% and a return on equity of 5.68%. The firm had revenue of $217.76 million for the quarter, compared to the consensus estimate of $220.58 million. During the same period in the prior year, the firm earned $0.09 EPS. The firm’s revenue for the quarter was up 139.1% on a year-over-year basis. research analysts forecast that Centennial Resource Development Inc will post 0.94 earnings per share for the current fiscal year.

Several equities analysts have recently commented on the stock. TD Securities assumed coverage on shares of Centennial Resource Development in a report on Thursday, July 5th. They issued a “buy” rating and a $23.00 price objective on the stock. BidaskClub upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Thursday, August 9th. TheStreet upgraded shares of Centennial Resource Development from a “c” rating to a “b-” rating in a report on Friday, August 31st. Susquehanna Bancshares initiated coverage on shares of Centennial Resource Development in a report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. Finally, ValuEngine raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Centennial Resource Development currently has a consensus rating of “Buy” and a consensus target price of $24.42.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc, together with its subsidiary, Centennial Resource Production, LLC, operates as an independent oil and natural gas company in the United States. It focuses on the development of unconventional oil and associated liquids-rich natural gas reserves located in the Permian Basin.

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

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