Bank of America Analysts Give Centennial Resource Development (NASDAQ:CDEV) a $7.00 Price Target

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Bank of America set a $7.00 target price on Centennial Resource Development (NASDAQ:CDEV) in a research report sent to investors on Tuesday, TipRanks reports. The firm currently has a hold rating on the oil and natural gas company’s stock.

Several other brokerages also recently commented on CDEV. Wells Fargo & Co initiated coverage on shares of 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. Guggenheim set a $7.00 price target on shares of Centennial Resource Development and gave the company a buy rating in a research report on Wednesday, August 21st. Piper Jaffray Companies set a $6.00 price target on shares of Centennial Resource Development and gave the company a hold rating in a research report on Friday, August 16th. Royal Bank of Canada set a $10.00 price target on shares of Centennial Resource Development and gave the company a buy rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group downgraded shares of Centennial Resource Development from a buy rating to a hold rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Centennial Resource Development presently has a consensus rating of Hold and a consensus price target of $10.03.

NASDAQ:CDEV traded down $0.08 during trading hours on Tuesday, reaching $4.44. 290,718 shares of the company’s stock were exchanged, compared to its average volume of 6,647,323. The company has a market capitalization of $1.29 billion, a P/E ratio of 5.92, a price-to-earnings-growth ratio of 8.69 and a beta of 1.98. Centennial Resource Development has a 12 month low of $3.92 and a 12 month high of $23.12. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $4.85 and its two-hundred day simple moving average is $7.73.

Centennial Resource Development (NASDAQ:CDEV) last issued its earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). The business had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. The company’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, sell-side analysts anticipate that Centennial Resource Development will post 0.31 earnings per share for the current fiscal year.

In related news, CFO George S. Glyphis bought 50,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $4.69 per share, for a total transaction of $234,500.00. Following the transaction, the chief financial officer now directly owns 493,195 shares in the company, valued at $2,313,084.55. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 31.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in CDEV. Carroll Financial Associates Inc. lifted its position in Centennial Resource Development by 895.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 3,000 shares in the last quarter. Hilton Capital Management LLC purchased a new stake in Centennial Resource Development in the 1st quarter worth approximately $47,000. Bank of Montreal Can lifted its position in Centennial Resource Development by 7,891.2% in the 1st quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock worth $72,000 after buying an additional 8,049 shares in the last quarter. Twin Tree Management LP lifted its position in Centennial Resource Development by 6,540.4% in the 1st quarter. Twin Tree Management LP now owns 9,031 shares of the oil and natural gas company’s stock worth $79,000 after buying an additional 8,895 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Centennial Resource Development in the 2nd quarter worth approximately $79,000. Institutional investors own 97.52% of the company’s stock.

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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