Centennial Resource Development, Inc. (NASDAQ:CDEV) Receives Average Recommendation of “Hold” from Analysts

Centennial Resource Development, Inc. (NASDAQ:CDEV) has been assigned a consensus rating of “Hold” from the twelve brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $5.72.

A number of equities research analysts have weighed in on CDEV shares. UBS Group downgraded shares of Centennial Resource Development from a “buy” rating to a “neutral” rating and upped their price target for the company from $7.50 to $8.50 in a report on Wednesday, June 30th. Zacks Investment Research raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $7.25 price objective for the company in a research note on Monday, July 12th. Cowen raised shares of Centennial Resource Development from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $4.00 to $5.75 in a research note on Wednesday, August 18th. Citigroup began coverage on shares of Centennial Resource Development in a research note on Friday, July 16th. They set a “neutral” rating and a $7.50 price objective for the company. Finally, KeyCorp upped their price objective on shares of Centennial Resource Development from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Thursday, June 24th.

Shares of Centennial Resource Development stock traded up $0.09 during trading on Thursday, hitting $5.38. 129,502 shares of the stock were exchanged, compared to its average volume of 8,463,234. The stock’s fifty day moving average is $5.15 and its 200 day moving average is $5.18. The stock has a market cap of $1.50 billion, a PE ratio of -7.43 and a beta of 6.55. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.45 and a current ratio of 0.45. Centennial Resource Development has a 12 month low of $0.53 and a 12 month high of $7.51.

Centennial Resource Development (NASDAQ:CDEV) last announced its earnings results on Monday, August 2nd. The oil and natural gas company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.16). The company had revenue of $232.58 million during the quarter, compared to the consensus estimate of $193.91 million. Centennial Resource Development had a negative net margin of 27.68% and a negative return on equity of 3.79%. Sell-side analysts anticipate that Centennial Resource Development will post 0.5 EPS for the current fiscal year.

In other Centennial Resource Development news, COO Matthew R. Garrison sold 89,096 shares of the stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $5.12, for a total transaction of $456,171.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 38.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Centennial Resource Development by 125.4% in the second quarter. State Street Corp now owns 14,431,637 shares of the oil and natural gas company’s stock valued at $97,846,000 after acquiring an additional 8,029,158 shares during the period. Vanguard Group Inc. boosted its position in shares of Centennial Resource Development by 3.4% in the second quarter. Vanguard Group Inc. now owns 10,493,645 shares of the oil and natural gas company’s stock valued at $71,147,000 after acquiring an additional 346,626 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Centennial Resource Development by 7.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,614,261 shares of the oil and natural gas company’s stock worth $24,505,000 after purchasing an additional 235,695 shares during the period. Invesco Ltd. lifted its position in Centennial Resource Development by 250.5% in the second quarter. Invesco Ltd. now owns 3,547,100 shares of the oil and natural gas company’s stock worth $24,049,000 after purchasing an additional 2,535,228 shares during the period. Finally, Geode Capital Management LLC lifted its position in Centennial Resource Development by 91.6% in the second quarter. Geode Capital Management LLC now owns 3,376,888 shares of the oil and natural gas company’s stock worth $22,895,000 after purchasing an additional 1,614,433 shares during the period. 69.79% of the stock is owned by institutional investors.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc operates as oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded in October 2014 and is headquartered in Denver, CO.

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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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