Zacks Investment Research Upgrades Centennial Resource Development (CDEV) to Buy

Zacks Investment Research upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $24.00 target price on the oil and natural gas company’s stock.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

Several other research firms have also commented on CDEV. SunTrust Banks initiated coverage on shares of Centennial Resource Development in a research note on Friday, June 15th. They set a hold rating and a $20.00 price objective for the company. BidaskClub raised shares of Centennial Resource Development from a sell rating to a hold rating in a research note on Thursday, June 21st. ValuEngine raised shares of Centennial Resource Development from a hold rating to a buy rating in a research note on Wednesday, June 27th. TD Securities initiated coverage on shares of Centennial Resource Development in a research note on Thursday, July 5th. They set a buy rating and a $23.00 price objective for the company. Finally, Susquehanna Bancshares initiated coverage on shares of Centennial Resource Development in a research note on Wednesday, July 11th. They set a neutral rating and a $21.00 price objective for the company. Three research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Centennial Resource Development currently has an average rating of Buy and an average target price of $24.74.

Shares of CDEV stock traded up $0.22 on Tuesday, reaching $20.92. The company’s stock had a trading volume of 2,345,824 shares, compared to its average volume of 2,376,760. Centennial Resource Development has a 1 year low of $15.78 and a 1 year high of $23.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $6.03 billion, a PE ratio of 74.71 and a beta of 1.28.

Centennial Resource Development (NASDAQ:CDEV) last posted its earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $220.58 million. During the same period last year, the firm posted $0.09 earnings per share. Centennial Resource Development’s revenue for the quarter was up 139.1% compared to the same quarter last year. On average, equities analysts predict that Centennial Resource Development will post 0.95 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. Cerebellum GP LLC bought a new stake in shares of Centennial Resource Development during the second quarter worth $161,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Centennial Resource Development during the second quarter worth $172,000. Strs Ohio bought a new stake in shares of Centennial Resource Development during the second quarter worth $218,000. Stonebridge Capital Management Inc. bought a new stake in shares of Centennial Resource Development during the second quarter worth $221,000. Finally, Brown Advisory Inc. bought a new stake in shares of Centennial Resource Development during the second quarter worth $228,000. Institutional investors and hedge funds own 94.38% of the company’s stock.

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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