Guggenheim Initiates Coverage on Centennial Resource Development (CDEV)

Investment analysts at Guggenheim started coverage on shares of Centennial Resource Development (NASDAQ:CDEV) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage set a “buy” rating and a $29.00 price target on the oil and natural gas company’s stock. Guggenheim’s target price suggests a potential upside of 37.31% from the company’s current price.

A number of other equities analysts have also issued reports on CDEV. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Thursday. BMO Capital Markets set a $18.00 target price on shares of Centennial Resource Development and gave the stock a “hold” rating in a research report on Tuesday, October 10th. Stifel Nicolaus set a $21.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research report on Thursday, October 5th. Scotiabank restated a “buy” rating and set a $22.00 target price on shares of Centennial Resource Development in a research report on Tuesday, November 7th. Finally, Citigroup set a $22.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research report on Friday, October 13th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $22.88.

Centennial Resource Development (NASDAQ CDEV) traded up $0.58 during mid-day trading on Monday, reaching $21.12. 2,782,031 shares of the company’s stock were exchanged, compared to its average volume of 1,660,928. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06. Centennial Resource Development has a 12 month low of $14.10 and a 12 month high of $22.14. The firm has a market capitalization of $5,270.00 and a PE ratio of -18.53.

Centennial Resource Development (NASDAQ:CDEV) last announced its earnings results on Monday, November 6th. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Centennial Resource Development had a net margin of 14.57% and a return on equity of 2.12%. equities analysts predict that Centennial Resource Development will post 0.27 EPS for the current year.

A number of large investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Centennial Resource Development by 9.9% in the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock valued at $145,000 after buying an additional 830 shares during the last quarter. TIAA FSB grew its position in Centennial Resource Development by 3.4% in the 4th quarter. TIAA FSB now owns 81,403 shares of the oil and natural gas company’s stock valued at $1,611,000 after buying an additional 2,647 shares during the last quarter. Cipher Capital LP grew its position in Centennial Resource Development by 63.0% in the 3rd quarter. Cipher Capital LP now owns 18,784 shares of the oil and natural gas company’s stock valued at $338,000 after buying an additional 7,260 shares during the last quarter. First Quadrant L P CA purchased a new position in Centennial Resource Development in the 4th quarter valued at $175,000. Finally, State of Alaska Department of Revenue purchased a new position in Centennial Resource Development in the 4th quarter valued at $192,000. Hedge funds and other institutional investors own 93.53% of the company’s stock.

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Centennial Resource Development Company Profile

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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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