Centennial Resource Development (NASDAQ:CDEV) PT Set at $7.00 by Guggenheim

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Guggenheim set a $7.00 price target on Centennial Resource Development (NASDAQ:CDEV) in a research note released on Wednesday, TipRanks reports. The firm currently has a buy rating on the oil and natural gas company’s stock.

Several other brokerages have also recently weighed in on CDEV. SunTrust Banks set a $5.00 price target on Centennial Resource Development and gave the company a hold rating in a research report on Wednesday, August 7th. Wells Fargo & Co started coverage on Centennial Resource Development in a research report on Monday, May 20th. They issued a market perform rating and a $12.00 price target for the company. Zacks Investment Research upgraded Centennial Resource Development from a sell rating to a hold rating in a research report on Tuesday, July 30th. Barclays reiterated a hold rating and issued a $9.00 price target on shares of Centennial Resource Development in a research report on Tuesday, July 2nd. Finally, BidaskClub upgraded Centennial Resource Development from a strong sell rating to a sell rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $12.22.

Shares of NASDAQ CDEV opened at $4.30 on Wednesday. The stock has a market cap of $1.26 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 8.01 and a beta of 1.90. Centennial Resource Development has a fifty-two week low of $3.92 and a fifty-two week high of $23.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a fifty day moving average of $5.69 and a 200-day moving average of $8.49.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.01). The company had revenue of $244.24 million during the quarter, compared to analysts’ expectations of $232.70 million. Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. Centennial Resource Development’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 earnings per share. On average, sell-side analysts predict that Centennial Resource Development will post 0.32 EPS for the current year.

In other Centennial Resource Development news, CFO George S. Glyphis bought 50,000 shares of Centennial Resource Development stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the completion of the transaction, the chief financial officer now directly owns 493,195 shares in the company, valued at $2,313,084.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 31.30% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $79,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Centennial Resource Development by 1,433.1% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock worth $175,000 after acquiring an additional 21,496 shares in the last quarter. Voloridge Investment Management LLC raised its position in shares of Centennial Resource Development by 24.8% in the 2nd quarter. Voloridge Investment Management LLC now owns 292,862 shares of the oil and natural gas company’s stock worth $2,223,000 after acquiring an additional 58,105 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $5,066,000. Finally, Jane Street Group LLC bought a new position in shares of Centennial Resource Development in the 2nd quarter worth approximately $150,000.

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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