Analysts Set Centennial Resource Development, Inc. (NASDAQ:CDEV) Price Target at $9.20

Centennial Resource Development, Inc. (NASDAQ:CDEVGet Rating) has earned a consensus rating of “Hold” from the twelve ratings firms that are currently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $9.20.

A number of brokerages have recently weighed in on CDEV. Truist Financial cut their target price on Centennial Resource Development to $8.00 in a research note on Friday, May 20th. JPMorgan Chase & Co. upped their price objective on Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. Wells Fargo & Company upgraded Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock in a research note on Monday, March 14th. Zacks Investment Research downgraded Centennial Resource Development from a “buy” rating to a “hold” rating and set a $7.25 price objective on the stock. in a research note on Friday, May 20th. Finally, Stifel Nicolaus upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and upped their price objective for the company from $8.40 to $11.20 in a research note on Friday, April 1st.

In other Centennial Resource Development news, Director Silver Run Sponsor, Llc sold 10,000,000 shares of the firm’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $8.15, for a total value of $81,500,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 29.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Centennial Resource Development in the 4th quarter worth approximately $30,000. Marshall Wace LLP purchased a new position in shares of Centennial Resource Development during the 4th quarter valued at $30,000. Nisa Investment Advisors LLC bought a new stake in Centennial Resource Development in the 1st quarter valued at $35,000. C M Bidwell & Associates Ltd. bought a new stake in Centennial Resource Development in the 1st quarter valued at $37,000. Finally, US Bancorp DE increased its holdings in Centennial Resource Development by 243.6% in the 1st quarter. US Bancorp DE now owns 4,666 shares of the oil and natural gas company’s stock valued at $38,000 after acquiring an additional 3,308 shares during the last quarter.

Shares of NASDAQ CDEV traded up $0.48 during midday trading on Tuesday, reaching $7.87. The company’s stock had a trading volume of 328,953 shares, compared to its average volume of 10,050,713. Centennial Resource Development has a 12-month low of $3.90 and a 12-month high of $9.58. The firm has a 50 day moving average price of $8.12 and a 200-day moving average price of $7.57. The stock has a market capitalization of $2.24 billion, a P/E ratio of 12.53 and a beta of 5.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.63 and a quick ratio of 0.63.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last announced its earnings results on Wednesday, May 4th. The oil and natural gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.35). Centennial Resource Development had a return on equity of 12.30% and a net margin of 15.92%. During the same period in the previous year, the company posted ($0.01) earnings per share. On average, equities analysts predict that Centennial Resource Development will post 1.88 EPS for the current year.

Centennial Resource Development Company Profile (Get Rating)

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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