Centennial Resource Development Inc (CDEV) Given Consensus Rating of “Buy” by Analysts

Centennial Resource Development Inc (NASDAQ:CDEV) has been given an average recommendation of “Buy” by the twenty-five analysts that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $24.67.

CDEV has been the subject of several research analyst reports. TheStreet upgraded Centennial Resource Development from a “c” rating to a “b-” rating in a report on Friday, August 31st. Zacks Investment Research upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Tuesday, July 17th. Royal Bank of Canada restated a “buy” rating and set a $28.00 price target on shares of Centennial Resource Development in a report on Friday, July 13th. ValuEngine upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Wednesday, June 27th. Finally, TD Securities initiated coverage on Centennial Resource Development in a report on Thursday, July 5th. They set a “buy” rating and a $23.00 price target for the company.

Institutional investors have recently made changes to their positions in the company. First Manhattan Co. boosted 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 purchasing an additional 411,366 shares during the period. Rhumbline Advisers boosted 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 purchasing an additional 23,131 shares during the period. Stonebridge Capital Management Inc. purchased a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $221,000. Dean Investment Associates LLC purchased a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $736,000. Finally, Victory Capital Management Inc. boosted 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 purchasing an additional 12,977 shares during the period. Hedge funds and other institutional investors own 94.39% of the company’s stock.

NASDAQ CDEV traded down $0.07 during trading on Wednesday, hitting $21.05. 2,292,700 shares of the stock traded hands, compared to its average volume of 2,365,217. The stock has a market capitalization of $5.80 billion, a PE ratio of 75.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89. Centennial Resource Development has a 12-month low of $15.78 and a 12-month high of $22.14.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. The business had revenue of $217.76 million during the quarter, compared to analysts’ expectations of $220.58 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The firm’s revenue for the quarter was up 139.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS. analysts anticipate that Centennial Resource Development will post 0.94 EPS for the current fiscal year.

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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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