Centennial Resource Development (CDEV) Upgraded by BidaskClub to “Strong-Buy”

BidaskClub upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a strong-buy rating in a research report report published on Wednesday morning.

A number of other equities analysts have also commented on the company. Barclays initiated coverage on Centennial Resource Development in a research note on Wednesday, August 29th. They issued an overweight rating and a $24.00 price objective on the stock. Susquehanna Bancshares initiated coverage on Centennial Resource Development in a research note on Wednesday, July 11th. They issued a neutral rating and a $21.00 price objective on the stock. Jefferies Financial Group initiated coverage on Centennial Resource Development in a research note on Thursday, August 23rd. They issued a buy rating and a $23.00 price objective on the stock. KLR Group reiterated a buy rating and issued a $29.00 price objective on shares of Centennial Resource Development in a research note on Monday, August 20th. Finally, SunTrust Banks upgraded Centennial Resource Development from a hold rating to a buy rating and set a $25.00 price objective on the stock in a research note on Friday, September 7th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Centennial Resource Development has an average rating of Buy and an average target price of $24.42.

NASDAQ CDEV opened at $21.40 on Wednesday. Centennial Resource Development has a fifty-two week low of $15.78 and a fifty-two week high of $22.14. 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 stock has a market cap of $5.96 billion, a price-to-earnings ratio of 76.43 and a beta of 1.38.

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 the Thomson Reuters’ consensus estimate of $0.21 by $0.03. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The company had revenue of $217.76 million for the quarter, compared to analyst estimates of $220.58 million. During the same period last year, the company earned $0.09 earnings per share. The business’s revenue was up 139.1% compared to the same quarter last year. analysts anticipate that Centennial Resource Development will post 0.95 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Cerebellum GP LLC bought a new position in Centennial Resource Development during the second quarter valued at about $161,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $172,000. Strs Ohio acquired a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $218,000. Brown Advisory Inc. acquired a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $228,000. Finally, Federated Investors Inc. PA acquired a new position in shares of Centennial Resource Development in the 1st quarter worth approximately $233,000. Hedge funds and other institutional investors 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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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