Analysts Set Centennial Resource Development, Inc. (NASDAQ:CDEV) Price Target at $9.40

Shares of Centennial Resource Development, Inc. (NASDAQ:CDEVGet Rating) have been assigned a consensus rating of “Hold” from the eleven research firms that are presently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $9.40.

CDEV has been the subject of several recent research reports. Truist Financial lowered their price objective on Centennial Resource Development to $8.00 in a research note on Friday, May 20th. Wells Fargo & Company raised shares of Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 target price for the company in a research report on Monday, March 14th. KeyCorp increased their target price on shares of Centennial Resource Development from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday, April 8th. Stifel Nicolaus raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and increased their target price for the company from $8.40 to $11.20 in a research report on Friday, April 1st. Finally, JPMorgan Chase & Co. increased their target price on shares of Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, March 2nd.

Hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new stake in shares of Centennial Resource Development during the 1st quarter worth approximately $35,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Centennial Resource Development during the 1st quarter worth approximately $37,000. US Bancorp DE grew its position in shares of Centennial Resource Development by 243.6% during the 1st quarter. US Bancorp DE now owns 4,666 shares of the oil and natural gas company’s stock worth $38,000 after buying an additional 3,308 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Centennial Resource Development during the 4th quarter worth approximately $30,000. Finally, Acadian Asset Management LLC bought a new position in shares of Centennial Resource Development in the 1st quarter worth $58,000.

Centennial Resource Development stock opened at $6.60 on Friday. The business has a 50 day moving average of $8.08 and a 200-day moving average of $7.79. Centennial Resource Development has a 1 year low of $3.90 and a 1 year high of $9.70. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market capitalization of $1.88 billion, a P/E ratio of 11.19 and a beta of 5.22.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The oil and natural gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.35). Centennial Resource Development had a net margin of 15.92% and a return on equity of 12.30%. During the same period last year, the company posted ($0.01) earnings per share. Equities analysts anticipate that Centennial Resource Development will post 2.06 EPS for the current year.

About Centennial Resource Development (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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