Centennial Resource Development (NASDAQ:CDEV) Stock Rating Upgraded by ValuEngine

Centennial Resource Development (NASDAQ:CDEV) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, ValuEngine reports.

CDEV has been the topic of several other research reports. Bank of America set a $7.00 price target on shares of Centennial Resource Development and gave the company a “hold” rating in a report on Tuesday, September 10th. Guggenheim set a $7.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a report on Wednesday, August 21st. TD Securities cut shares of Centennial Resource Development from a “buy” rating to a “hold” rating and cut their price target for the company from $8.50 to $6.00 in a report on Thursday, September 5th. BidaskClub upgraded shares of Centennial Resource Development from a “strong sell” rating to a “sell” rating in a report on Saturday, November 23rd. Finally, MKM Partners started coverage on shares of Centennial Resource Development in a report on Wednesday, September 4th. They issued a “buy” rating and a $7.00 price target on the stock. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $10.09.

NASDAQ:CDEV opened at $3.03 on Tuesday. The stock has a market cap of $839.91 million, a P/E ratio of 4.04, a price-to-earnings-growth ratio of 2.53 and a beta of 1.86. The firm’s fifty day simple moving average is $3.40 and its 200 day simple moving average is $5.39. Centennial Resource Development has a twelve month low of $2.94 and a twelve month high of $16.47. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.31.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). The company had revenue of $229.13 million during the quarter, compared to the consensus estimate of $227.52 million. Centennial Resource Development had a net margin of 4.08% and a return on equity of 2.32%. On average, analysts expect that Centennial Resource Development will post 0.13 EPS for the current fiscal year.

In other news, CEO Mark G. Papa acquired 100,000 shares of the stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $3.44 per share, with a total value of $344,000.00. Following the completion of the transaction, the chief executive officer now owns 2,063,817 shares of the company’s stock, valued at approximately $7,099,530.48. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO George S. Glyphis acquired 30,000 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average cost of $3.10 per share, with a total value of $93,000.00. Following the transaction, the chief financial officer now directly owns 538,195 shares of the company’s stock, valued at approximately $1,668,404.50. The disclosure for this purchase can be found here. Insiders have acquired 190,500 shares of company stock valued at $642,680 in the last three months. Insiders own 31.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CDEV. Millennium Management LLC raised its position in shares of Centennial Resource Development by 42,368.8% in the 3rd quarter. Millennium Management LLC now owns 8,200,141 shares of the oil and natural gas company’s stock worth $37,023,000 after purchasing an additional 8,219,541 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Centennial Resource Development by 424.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,688,811 shares of the oil and natural gas company’s stock worth $12,140,000 after purchasing an additional 2,176,163 shares during the last quarter. State Street Corp raised its position in shares of Centennial Resource Development by 17.0% in the 3rd quarter. State Street Corp now owns 7,578,216 shares of the oil and natural gas company’s stock worth $34,216,000 after purchasing an additional 1,102,122 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Centennial Resource Development by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 17,223,220 shares of the oil and natural gas company’s stock worth $130,724,000 after purchasing an additional 689,128 shares during the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in shares of Centennial Resource Development in the 2nd quarter worth about $5,066,000.

Centennial Resource Development Company Profile

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: Options Trading

To view ValuEngine’s full report, visit ValuEngine’s official website.

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.