KeyCorp Raises Centennial Resource Development (NASDAQ:CDEV) Price Target to $6.00

Centennial Resource Development (NASDAQ:CDEV) had its target price increased by KeyCorp from $5.00 to $6.00 in a research report released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has an overweight rating on the oil and natural gas company’s stock. KeyCorp also issued estimates for Centennial Resource Development’s Q4 2020 earnings at $0.07 EPS.

Other equities analysts also recently issued reports about the company. Barclays downgraded Centennial Resource Development from an overweight rating to an equal weight rating and lowered their price objective for the company from $6.00 to $3.00 in a research report on Friday, December 6th. BidaskClub downgraded Centennial Resource Development from a buy rating to a hold rating in a research note on Wednesday, January 15th. Seaport Global Securities downgraded Centennial Resource Development from a buy rating to a neutral rating in a research note on Thursday, October 10th. SunTrust Banks cut Centennial Resource Development from a buy rating to a hold rating and set a $5.00 price target on the stock. in a report on Tuesday, January 21st. Finally, ValuEngine upgraded Centennial Resource Development from a sell rating to a hold rating in a research note on Tuesday, December 3rd. Sixteen equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $8.28.

Shares of CDEV stock opened at $3.61 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.56. Centennial Resource Development has a one year low of $2.92 and a one year high of $13.67. The company’s fifty day moving average price is $4.31 and its 200-day moving average price is $4.42. The company has a market capitalization of $999.03 million, a price-to-earnings ratio of 24.07, a PEG ratio of 1.11 and a beta of 2.03.

Centennial Resource Development (NASDAQ:CDEV) last issued its 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). Centennial Resource Development had a return on equity of 2.32% and a net margin of 4.08%. The firm had revenue of $229.13 million during the quarter, compared to the consensus estimate of $227.52 million. Equities research analysts expect that Centennial Resource Development will post 0.15 earnings per share for the current fiscal year.

In other news, CEO Mark G. Papa bought 100,000 shares of the stock in a transaction dated Friday, November 15th. The stock was purchased at an average cost of $3.44 per share, for a total transaction of $344,000.00. Following the transaction, the chief executive officer now owns 2,063,817 shares of the company’s stock, valued at $7,099,530.48. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO George S. Glyphis bought 30,000 shares of the stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $3.10 per share, with a total value of $93,000.00. Following the completion of the transaction, the chief financial officer now directly owns 538,195 shares in the company, valued at approximately $1,668,404.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 190,500 shares of company stock valued at $642,680 in the last 90 days. 31.30% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP raised its stake in Centennial Resource Development by 32.8% in the 1st quarter. First Trust Advisors LP now owns 562,517 shares of the oil and natural gas company’s stock valued at $4,945,000 after acquiring an additional 138,857 shares during the period. Schroder Investment Management Group increased its stake in shares of Centennial Resource Development by 35.1% in the second quarter. Schroder Investment Management Group now owns 2,398,510 shares of the oil and natural gas company’s stock worth $18,204,000 after purchasing an additional 622,956 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Centennial Resource Development by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 801,327 shares of the oil and natural gas company’s stock worth $6,083,000 after purchasing an additional 29,508 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Centennial Resource Development by 209.2% in the second quarter. Parametric Portfolio Associates LLC now owns 228,771 shares of the oil and natural gas company’s stock valued at $1,736,000 after purchasing an additional 154,783 shares during the period. Finally, BlackRock Inc. raised its position in shares of Centennial Resource Development by 1.3% in the second quarter. BlackRock Inc. now owns 8,528,703 shares of the oil and natural gas company’s stock valued at $64,733,000 after purchasing an additional 111,187 shares during the period.

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.

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