Centennial Resource Development (CDEV) Coverage Initiated at Stephens

Stephens started coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a research note published on Thursday, MarketBeat Ratings reports. The brokerage issued an equal weight rating and a $23.00 price objective on the oil and natural gas company’s stock.

Other research analysts have also recently issued reports about the stock. TheStreet raised shares of Centennial Resource Development from a c rating to a b- rating in a report on Friday, August 31st. Zacks Investment Research raised shares of Centennial Resource Development from a hold rating to a buy rating and set a $24.00 target price for the company in a report on Tuesday, October 9th. BidaskClub cut shares of Centennial Resource Development from a strong-buy rating to a buy rating in a report on Tuesday, October 9th. Royal Bank of Canada set a $30.00 target price on shares of Centennial Resource Development and gave the stock a buy rating in a report on Monday, October 1st. Finally, Jefferies Financial Group initiated coverage on shares of Centennial Resource Development in a report on Thursday, August 23rd. They issued a buy rating and a $23.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Centennial Resource Development presently has an average rating of Buy and an average price target of $24.30.

NASDAQ:CDEV opened at $15.22 on Thursday. Centennial Resource Development has a one year low of $14.77 and a one year high of $23.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $4.21 billion, a P/E ratio of 54.36 and a beta of 1.39.

Centennial Resource Development (NASDAQ:CDEV) last issued its earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The firm had revenue of $234.88 million during the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The firm’s revenue was up 110.4% compared to the same quarter last year. Research analysts anticipate that Centennial Resource Development will post 0.86 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDEV. UBS Group AG raised its holdings in shares of Centennial Resource Development by 466.9% during the first quarter. UBS Group AG now owns 14,735 shares of the oil and natural gas company’s stock valued at $271,000 after purchasing an additional 12,136 shares during the last quarter. Aperio Group LLC purchased a new stake in Centennial Resource Development during the second quarter valued at approximately $370,000. Commonwealth Equity Services LLC increased its holdings in Centennial Resource Development by 64.1% during the second quarter. Commonwealth Equity Services LLC now owns 25,072 shares of the oil and natural gas company’s stock valued at $453,000 after buying an additional 9,794 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Centennial Resource Development during the second quarter valued at approximately $3,114,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Centennial Resource Development by 47.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 378,087 shares of the oil and natural gas company’s stock valued at $6,828,000 after buying an additional 122,187 shares during the last quarter.

Centennial Resource Development Company Profile

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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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