Bank of America set a $7.00 price objective on Centennial Resource Development (NASDAQ:CDEV) in a research note released on Tuesday morning, TipRanks reports. The brokerage currently has a hold rating on the oil and natural gas company’s stock.

Several other research analysts have also recently commented on CDEV. MKM Partners initiated coverage on Centennial Resource Development in a research note on Wednesday, September 4th. They issued a buy rating and a $7.00 price target on the stock. TD Securities lowered Centennial Resource Development from a buy rating to a hold rating and lowered their price objective for the company from $8.50 to $6.00 in a research note on Thursday, September 5th. Royal Bank of Canada set a $10.00 price objective on Centennial Resource Development and gave the stock a buy rating in a report on Wednesday, August 7th. Guggenheim set a $7.00 target price on Centennial Resource Development and gave the company a buy rating in a research report on Wednesday, August 21st. Finally, Piper Jaffray Companies set a $6.00 target price on Centennial Resource Development and gave the company a hold rating in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $10.03.

CDEV stock traded down $0.18 during trading on Tuesday, reaching $4.60. The stock had a trading volume of 8,974,452 shares, compared to its average volume of 4,196,765. Centennial Resource Development has a 1-year low of $3.92 and a 1-year high of $23.12. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.30 billion, a P/E ratio of 6.13, a PEG ratio of 8.56 and a beta of 1.98. The firm has a fifty day moving average price of $4.85 and a 200 day moving average price of $7.73.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm 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%. The business’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 earnings per share. Sell-side analysts predict that Centennial Resource Development will post 0.31 EPS for the current year.

In other news, CFO George S. Glyphis bought 50,000 shares of the firm’s stock in a transaction dated 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 owns 493,195 shares in the company, valued at $2,313,084.55. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 31.30% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the stock. Swiss National Bank lifted its stake in Centennial Resource Development by 19.2% during the second quarter. Swiss National Bank now owns 344,300 shares of the oil and natural gas company’s stock worth $2,613,000 after purchasing an additional 55,400 shares during the last quarter. Carroll Financial Associates Inc. raised its holdings in shares of Centennial Resource Development by 895.5% during the second quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 3,000 shares during the period. SG Americas Securities LLC bought a new position in shares of Centennial Resource Development in the 1st quarter worth about $264,000. Frontier Capital Management Co. LLC grew its position in shares of Centennial Resource Development by 17.8% during the 1st quarter. Frontier Capital Management Co. LLC now owns 5,066,515 shares of the oil and natural gas company’s stock valued at $44,535,000 after buying an additional 764,828 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. raised its stake in Centennial Resource Development by 267.3% during the first quarter. Prescott Group Capital Management L.L.C. now owns 551,000 shares of the oil and natural gas company’s stock worth $4,843,000 after acquiring an additional 401,000 shares during the period. 97.52% of the stock is currently owned by institutional investors and hedge funds.

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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