Centennial Resource Development (NASDAQ:CDEV) was downgraded by equities research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday, MarketBeat.com reports. They currently have a $22.00 price objective on the oil and natural gas company’s stock. Credit Suisse Group’s target price suggests a potential upside of 35.05% from the stock’s current price.

CDEV has been the topic of several other research reports. SunTrust Banks raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Friday, September 7th. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Zacks Investment Research upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, July 17th. KLR Group reiterated a “buy” rating and issued a $29.00 price target on shares of Centennial Resource Development in a research report on Monday, August 20th. Finally, ValuEngine downgraded shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Thursday, November 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $24.89.

Shares of NASDAQ CDEV opened at $16.29 on Monday. The stock has a market capitalization of $5.12 billion, a PE ratio of 58.18 and a beta of 1.51. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79. Centennial Resource Development has a 1 year low of $15.78 and a 1 year high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last issued its earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The business had revenue of $234.88 million during the quarter, compared to the consensus estimate of $239.43 million. Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The firm’s revenue was up 110.4% on a year-over-year basis. Analysts expect that Centennial Resource Development will post 0.92 EPS for the current year.

Several large investors have recently made changes to their positions in CDEV. UBS Group AG raised its holdings in Centennial Resource Development by 466.9% during the 1st quarter. UBS Group AG now owns 14,735 shares of the oil and natural gas company’s stock worth $271,000 after buying an additional 12,136 shares during the period. Guggenheim Capital LLC raised its holdings in Centennial Resource Development by 31.6% during the 1st quarter. Guggenheim Capital LLC now owns 24,776 shares of the oil and natural gas company’s stock worth $454,000 after buying an additional 5,946 shares during the period. Legal & General Group Plc raised its holdings in Centennial Resource Development by 62.6% during the 1st quarter. Legal & General Group Plc now owns 76,965 shares of the oil and natural gas company’s stock worth $1,412,000 after buying an additional 29,637 shares during the period. Allianz Asset Management GmbH raised its holdings in Centennial Resource Development by 104.4% during the 1st quarter. Allianz Asset Management GmbH now owns 345,405 shares of the oil and natural gas company’s stock worth $6,338,000 after buying an additional 176,450 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Centennial Resource Development by 40.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 17,280 shares of the oil and natural gas company’s stock worth $312,000 after buying an additional 5,020 shares during the period. Institutional investors and hedge funds own 94.62% of the company’s stock.

About Centennial Resource Development

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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