Brokerages Set Centennial Resource Development Inc (CDEV) PT at $24.74

Centennial Resource Development Inc (NASDAQ:CDEV) has earned a consensus recommendation of “Buy” from the twenty-four research firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $24.74.

Several brokerages have recently commented on CDEV. BidaskClub upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. TheStreet upgraded shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research report on Friday, August 31st. Susquehanna Bancshares started coverage on shares of Centennial Resource Development in a research report on Wednesday, July 11th. They set a “neutral” rating and a $21.00 price objective for the company. Royal Bank of Canada reiterated a “buy” rating and set a $28.00 price objective on shares of Centennial Resource Development in a research report on Friday, July 13th. Finally, Barclays started coverage on shares of Centennial Resource Development in a research report on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price objective for the company.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at $161,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at $172,000. Confluence Investment Management LLC bought a new stake in shares of Centennial Resource Development in the 3rd quarter valued at $208,000. CIBC Asset Management Inc bought a new stake in shares of Centennial Resource Development in the 3rd quarter valued at $214,000. Finally, Strs Ohio bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at $218,000. 94.39% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:CDEV traded up $0.04 during midday trading on Thursday, hitting $19.55. The stock had a trading volume of 2,196,231 shares, compared to its average volume of 2,039,665. The stock has a market capitalization of $5.40 billion, a PE ratio of 29.62 and a beta of 1.51. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. Centennial Resource Development has a fifty-two week low of $15.78 and a fifty-two week high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last issued its earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.21 by $0.03. The company had revenue of $217.76 million during the quarter, compared to analysts’ expectations of $220.58 million. Centennial Resource Development had a net margin of 24.55% and a return on equity of 5.68%. The business’s revenue for the quarter was up 139.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 EPS. On average, research analysts predict that Centennial Resource Development will post 0.95 EPS for the current fiscal year.

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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