Centennial Resource Development (NASDAQ:CDEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $24.00 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.89% from the company’s previous close.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

Several other research firms also recently weighed in on CDEV. KLR Group reissued a “buy” rating and issued a $29.00 price objective on shares of Centennial Resource Development in a report on Monday, August 20th. Royal Bank of Canada set a $30.00 price objective on Centennial Resource Development and gave the company a “buy” rating in a report on Monday, October 1st. TD Securities initiated coverage on Centennial Resource Development in a report on Thursday, July 5th. They issued a “buy” rating and a $23.00 price objective for the company. Barclays assumed coverage on Centennial Resource Development in a report on Wednesday, August 29th. They issued an “overweight” rating and a $24.00 price objective for the company. Finally, BidaskClub upgraded Centennial Resource Development from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 26th. Three research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $24.74.

CDEV stock opened at $21.26 on Tuesday. The company has a market capitalization of $6.03 billion, a PE ratio of 75.93 and a beta of 1.28. Centennial Resource Development has a twelve month low of $15.78 and a twelve month high of $23.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89.

Centennial Resource Development (NASDAQ:CDEV) last posted 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share. On average, sell-side analysts predict that Centennial Resource Development will post 0.95 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in CDEV. Cerebellum GP LLC purchased a new stake in shares of Centennial Resource Development during the second quarter worth approximately $161,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Centennial Resource Development during the second quarter worth approximately $172,000. Strs Ohio purchased a new stake in shares of Centennial Resource Development during the second quarter worth approximately $218,000. Stonebridge Capital Management Inc. purchased a new stake in shares of Centennial Resource Development during the second quarter worth approximately $221,000. Finally, Brown Advisory Inc. purchased a new stake in shares of Centennial Resource Development during the second quarter worth approximately $228,000. Institutional investors and hedge funds own 94.38% 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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