Analysts Set Centennial Resource Development, Inc. (NASDAQ:CDEV) Target Price at $5.95

Centennial Resource Development, Inc. (NASDAQ:CDEV) has earned a consensus rating of “Hold” from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $5.95.

Several research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a report on Monday, July 12th. UBS Group lowered shares of Centennial Resource Development from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $7.50 to $8.50 in a report on Wednesday, June 30th. Truist increased their price objective on shares of Centennial Resource Development from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Thursday, October 7th. Cowen upgraded shares of Centennial Resource Development from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $4.00 to $5.75 in a report on Wednesday, August 18th. Finally, Truist Securities raised their price target on shares of Centennial Resource Development from $6.00 to $7.00 and gave the company a “hold” rating in a report on Thursday, October 7th.

NASDAQ:CDEV traded up $0.03 on Monday, reaching $7.03. The stock had a trading volume of 64,298 shares, compared to its average volume of 7,156,703. Centennial Resource Development has a 12-month low of $0.53 and a 12-month high of $7.57. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.45 and a quick ratio of 0.45. The firm’s fifty day moving average is $5.54 and its two-hundred day moving average is $5.40.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings data on Monday, August 2nd. The oil and natural gas company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.16). The company had revenue of $232.58 million for the quarter, compared to analysts’ expectations of $193.91 million. Centennial Resource Development had a negative return on equity of 3.79% and a negative net margin of 27.68%. Research analysts expect that Centennial Resource Development will post 0.56 EPS for the current year.

In other Centennial Resource Development news, CAO Brent P. Jensen sold 9,140 shares of the stock in a transaction that occurred on Friday, October 1st. The shares were sold at an average price of $7.00, for a total value of $63,980.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew R. Garrison sold 89,096 shares of the firm’s 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 disclosure for this sale can be found here. Insiders sold 120,356 shares of company stock valued at $679,637 in the last ninety days. 38.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in CDEV. First Trust Advisors LP boosted its holdings in Centennial Resource Development by 32.8% in the first quarter. First Trust Advisors LP now owns 562,517 shares of the oil and natural gas company’s stock worth $4,945,000 after purchasing an additional 138,857 shares during the period. Vontobel Holding Ltd. acquired a new position in Centennial Resource Development in the first quarter worth $46,000. Rockefeller Capital Management L.P. acquired a new position in Centennial Resource Development in the first quarter worth $54,000. Teacher Retirement System of Texas acquired a new position in Centennial Resource Development in the first quarter worth $480,000. Finally, Acadian Asset Management LLC bought a new stake in Centennial Resource Development in the first quarter valued at $6,479,000. 69.79% of the stock is owned by hedge funds and other 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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