Centennial Resource Development (CDEV) Given a $17.00 Price Target by JPMorgan Chase & Co. Analysts

JPMorgan Chase & Co. set a $17.00 target price on Centennial Resource Development (NASDAQ:CDEV) in a research note published on Friday morning. The firm currently has a buy rating on the oil and natural gas company’s stock.

Several other equities analysts have also recently weighed in on CDEV. BidaskClub upgraded shares of Centennial Resource Development from a sell rating to a hold rating in a research report on Thursday, August 9th. KLR Group reiterated a buy rating and set a $29.00 price objective on shares of Centennial Resource Development in a research report on Monday, August 20th. Jefferies Financial Group started coverage on shares of Centennial Resource Development in a research report on Thursday, August 23rd. They set a buy rating and a $23.00 price objective on the stock. Barclays started coverage on shares of Centennial Resource Development in a report on Wednesday, August 29th. They set an overweight rating and a $24.00 price target on the stock. Finally, TheStreet upgraded shares of Centennial Resource Development from a c rating to a b- rating in a report on Friday, August 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. Centennial Resource Development currently has an average rating of Buy and a consensus price target of $24.30.

NASDAQ CDEV traded up $0.18 on Friday, hitting $15.22. 7,555,454 shares of the stock were exchanged, compared to its average volume of 2,850,079. Centennial Resource Development has a 52-week low of $14.77 and a 52-week high of $23.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 54.36 and a beta of 1.39.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The firm had revenue of $234.88 million for the quarter, compared to analysts’ expectations of $239.43 million. The company’s revenue for the quarter was up 110.4% on a year-over-year basis. On average, research analysts forecast that Centennial Resource Development will post 0.87 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its stake in shares of Centennial Resource Development by 10.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 27,638 shares of the oil and natural gas company’s stock valued at $603,000 after purchasing an additional 2,566 shares during the last quarter. First Mercantile Trust Co. lifted its stake in shares of Centennial Resource Development by 9.1% in the 3rd quarter. First Mercantile Trust Co. now owns 33,523 shares of the oil and natural gas company’s stock valued at $732,000 after purchasing an additional 2,810 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Centennial Resource Development by 9.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 31,706 shares of the oil and natural gas company’s stock valued at $573,000 after purchasing an additional 2,836 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Centennial Resource Development by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 692,980 shares of the oil and natural gas company’s stock valued at $15,141,000 after purchasing an additional 3,765 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Centennial Resource Development by 1.5% in the 3rd quarter. Swiss National Bank now owns 276,000 shares of the oil and natural gas company’s stock valued at $6,031,000 after purchasing an additional 4,100 shares during the last quarter.

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.

Further Reading: The Role of a Fiduciary and Individual Investors

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

Receive News & Ratings for Centennial Resource Development Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Resource Development and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit