Centennial Resource Development, Inc. (NASDAQ:CDEV) Received Consensus “Buy” Recommendation From Brokerages


Centennial Resource Development, Inc. (NASDAQ:CDEV – Get Rating) received an average rating of “Buy” from the twelve brokerages that currently cover the business, MarketBeat.com reports. Six investment analysts rated the stock with a hold recommendation, four gave the company a buy recommendation and one gave the company a strong buy recommendation. The 12-month average price target among brokers who have rated the stock over the past year is $9.25.

A number of analysts have weighed in on CDEV shares recently. Wells Fargo & Company upgraded shares of Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a target price of $12.00 for the company in a Monday, March 14 report. Zacks Investment Research upgraded Centennial Resource Development shares from a “hold” rating to a “strong-buy” rating and set a target price of $8.75 for the company in a Tuesday, January 25 report. Piper Sandler upgraded shares of Centennial Resource Development from a “neutral” rating to an “overweight” rating and raised her target price for the stock from $10.00 to $13.00 in a report released Thursday. Stifel Nicolaus upgraded Centennial Resource Development shares from a ‘hold’ rating to a ‘buy’ rating and raised his target price for the stock from $8.40 to $11.20 in a Friday 1st report. april. Finally, KeyCorp raised its price target on Centennial Resource Development shares from $9.00 to $11.00 and gave the stock an “overweight” rating in a report released Friday.

NASDAQ:CDEV shares traded down $0.45 on Monday, hitting $8.97. 11,855,115 shares of the company were traded, against an average volume of 9,912,830. The company’s 50-day simple moving average is $8.23 and its 200-day simple moving average is 7.40 $. Centennial Resource Development has a 52-week low of $3.69 and a 52-week high of $9.55. The stock has a market capitalization of $2.55 billion, a P/E ratio of 21.36 and a beta of 5.56. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt ratio of 0.30.

Centennial Resource Development (NASDAQ:CDEV – Get Rating) last reported quarterly earnings data on Tuesday, February 22. The oil and gas company reported earnings per share (EPS) of $0.51 for the quarter, beating the Zacks consensus estimate of $0.29 by $0.22. Centennial Resource Development achieved a return on equity of 7.83% and a net margin of 13.42%. During the same quarter of the previous year, the company achieved EPS of ($0.17). Sell-side analysts expect Centennial Resource Development to post 1.88 EPS for the current fiscal year.

In other news, Director Silver Run Sponsor, Llc sold 2,425,000 shares of Centennial Resource Development in a trade that took place on Tuesday, March 1. The shares were sold at an average price of $8.76, for a total transaction of $21,243,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. 29.20% of the shares are currently held by insiders of the company.

Several institutional investors and hedge funds have recently changed their positions in CDEV. First Trust Advisors LP increased its position in Centennial Resource Development shares by 32.8% during the first quarter. First Trust Advisors LP now owns 562,517 shares of the oil and gas company valued at $4,945,000 after acquiring an additional 138,857 shares during the period. Morgan Stanley increased its stake in Centennial Resource Development shares by 81.5% during the 2nd quarter. Morgan Stanley now owns 2,146,650 shares of the oil and gas company valued at $14,554,000 after buying an additional 963,970 shares last quarter. Kestra Advisory Services LLC acquired a new stake in Centennial Resource Development in Q3 for $77,000. Nordea Investment Management AB acquired a new stake in Centennial Resource Development in Q3 for a value of $7,854,000. Finally, SG Americas Securities LLC increased its stake in Centennial Resource Development shares by 3.8% in the third quarter. SG Americas Securities LLC now owns 114,711 shares of the oil and gas company worth $769,000 after buying 4,153 additional shares in the last quarter. 78.11% of the shares are held by institutional investors.

Centennial Resource Development Company Profile (Get a rating)

Centennial Resource Development, Inc., an independent oil and gas company, is focused on the development of crude oil and associated liquids-rich natural gas reserves in the United States. Its assets are primarily focused 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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Analyst Recommendations for Centennial Resource Development (NASDAQ: CDEV)



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Margie D. Carlisle