Centennial Resource Development (CDEV) Upgraded to “Buy” at SunTrust Banks

Share on StockTwits

SunTrust Banks upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a hold rating to a buy rating in a report issued on Friday, MarketBeat reports. The brokerage currently has $25.00 target price on the oil and natural gas company’s stock.

Other analysts also recently issued reports about the stock. TD Securities began coverage on shares of Centennial Resource Development in a report on Thursday, July 5th. They set a buy rating and a $23.00 price target on the stock. BidaskClub raised shares of Centennial Resource Development from a sell rating to a hold rating in a report on Thursday, August 9th. TheStreet raised shares of Centennial Resource Development from a c rating to a b- rating in a report on Friday, August 31st. Susquehanna Bancshares began coverage on shares of Centennial Resource Development in a report on Wednesday, July 11th. They set a neutral rating and a $21.00 price target on the stock. Finally, ValuEngine raised shares of Centennial Resource Development from a hold rating to a buy rating in a report on Wednesday, June 27th. Five analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $24.42.

NASDAQ CDEV traded up $0.28 during mid-day trading on Friday, reaching $19.22. 3,426,742 shares of the stock were exchanged, compared to its average volume of 1,792,602. Centennial Resource Development has a 1 year low of $15.78 and a 1 year high of $22.14. The company has a market capitalization of $5.23 billion, a PE ratio of 68.64 and a beta of 1.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.89.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. Centennial Resource Development had a net margin of 24.55% and a return on equity of 5.68%. The firm had revenue of $217.76 million for the quarter, compared to the consensus estimate of $220.58 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The firm’s quarterly revenue was up 139.1% compared to the same quarter last year. equities analysts expect that Centennial Resource Development will post 0.94 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Cerebellum GP LLC acquired a new stake in shares of Centennial Resource Development in the second quarter valued at about $161,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Centennial Resource Development in the second quarter valued at about $172,000. M&T Bank Corp acquired a new stake in shares of Centennial Resource Development in the first quarter valued at about $197,000. Strs Ohio acquired a new stake in shares of Centennial Resource Development in the second quarter valued at about $218,000. Finally, Stonebridge Capital Management Inc. acquired a new stake in shares of Centennial Resource Development in the second quarter valued at about $221,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc, together with its subsidiary, Centennial Resource Production, LLC, operates as an independent oil and natural gas company in the United States. It focuses on the development of unconventional oil and associated liquids-rich natural gas reserves located in the Permian Basin.

Featured Article: Market Capitalization – What it Means for 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.

Leave a Reply