Centennial Res (CDEV) Given a $18.00 Price Target by BMO Capital Markets Analysts
Centennial Res (NASDAQ:CDEV) has been given a $18.00 price target by research analysts at BMO Capital Markets in a report released on Saturday. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. BMO Capital Markets’ price target indicates a potential upside of 7.59% from the company’s current price.
A number of other brokerages have also recently issued reports on CDEV. Scotiabank reissued an “outperform” rating and set a $21.00 price objective on shares of Centennial Res in a report on Saturday, July 22nd. J P Morgan Chase & Co initiated coverage on Centennial Res in a report on Tuesday, August 1st. They set an “overweight” rating and a $19.00 price objective for the company. Zacks Investment Research lowered Centennial Res from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Citigroup Inc. initiated coverage on Centennial Res in a research note on Monday, May 1st. They issued a “buy” rating and a $21.00 target price for the company. Finally, Scotia Howard Weill initiated coverage on Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. Centennial Res currently has an average rating of “Buy” and an average price target of $22.18.
Shares of Centennial Res (CDEV) opened at 16.73 on Friday. Centennial Res has a 1-year low of $11.80 and a 1-year high of $20.97. The firm’s 50-day moving average is $15.92 and its 200 day moving average is $16.99. The stock has a market capitalization of $4.29 billion, a P/E ratio of 84.07 and a beta of 2.14.
Centennial Res (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. The company had revenue of $91.06 million for the quarter, compared to the consensus estimate of $76.03 million. On average, analysts expect that Centennial Res will post $0.18 EPS for the current fiscal year.
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In other Centennial Res news, CFO George S. Glyphis bought 10,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was bought at an average cost of $15.02 per share, for a total transaction of $150,200.00. Following the completion of the purchase, the chief financial officer now owns 20,490 shares in the company, valued at approximately $307,759.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 44.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of Centennial Res by 22.0% in the first quarter. FMR LLC now owns 30,658,838 shares of the oil and natural gas company’s stock worth $554,836,000 after buying an additional 5,518,614 shares during the period. Vanguard Group Inc. raised its stake in shares of Centennial Res by 0.3% in the second quarter. Vanguard Group Inc. now owns 7,773,597 shares of the oil and natural gas company’s stock worth $122,979,000 after buying an additional 25,861 shares during the period. BlackRock Inc. raised its stake in shares of Centennial Res by 175.1% in the second quarter. BlackRock Inc. now owns 5,992,125 shares of the oil and natural gas company’s stock worth $94,795,000 after buying an additional 3,814,249 shares during the period. Kensico Capital Management Corp raised its stake in shares of Centennial Res by 9.3% in the first quarter. Kensico Capital Management Corp now owns 2,938,659 shares of the oil and natural gas company’s stock worth $53,572,000 after buying an additional 250,901 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in shares of Centennial Res by 37.9% in the second quarter. Neuberger Berman Group LLC now owns 2,753,691 shares of the oil and natural gas company’s stock worth $43,563,000 after buying an additional 756,938 shares during the period.
About Centennial Res
Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.
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