Centennial Resource Development (CDEV) Rating Lowered to Buy at BidaskClub

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

Several other analysts have also weighed in on the company. SunTrust Banks upgraded Centennial Resource Development from a hold rating to a buy rating and set a $25.00 price objective for the company in a report on Friday, September 7th. Barclays initiated coverage on Centennial Resource Development in a report on Wednesday, August 29th. They set an overweight rating and a $24.00 target price for the company. Jefferies Financial Group initiated coverage on Centennial Resource Development in a report on Thursday, August 23rd. They set a buy rating and a $23.00 target price for the company. Susquehanna Bancshares initiated coverage on Centennial Resource Development in a report on Wednesday, July 11th. They set a neutral rating and a $21.00 target price for the company. Finally, KLR Group reaffirmed a buy rating and set a $29.00 target price on shares of Centennial Resource Development in a report on Monday, August 20th. Three investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Centennial Resource Development presently has a consensus rating of Buy and an average price target of $24.74.

Shares of Centennial Resource Development stock opened at $20.92 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $6.03 billion, a PE ratio of 74.71 and a beta of 1.28. 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 announced its quarterly earnings data 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. The business had revenue of $217.76 million during the quarter, compared to analyst estimates of $220.58 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The company’s revenue was up 139.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Equities analysts anticipate that Centennial Resource Development will post 0.95 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in CDEV. Cerebellum GP LLC purchased a new stake in Centennial Resource Development in the 2nd quarter worth about $161,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Centennial Resource Development in the 2nd quarter worth about $172,000. Strs Ohio purchased a new stake in Centennial Resource Development in the 2nd quarter worth about $218,000. Stonebridge Capital Management Inc. purchased a new stake in Centennial Resource Development in the 2nd quarter worth about $221,000. Finally, Brown Advisory Inc. purchased a new stake in Centennial Resource Development in the 2nd quarter worth about $228,000. 94.38% of the stock is owned by hedge funds and other institutional investors.

Centennial Resource Development Company Profile

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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