Centennial Resource Development (NASDAQ:CDEV) PT Set at $10.50 by Cowen

Cowen set a $10.50 price objective on Centennial Resource Development (NASDAQ:CDEV – Get Rating) in a research report sent to investors on Tuesday, Stock Target Advisor reports.

Other equities research analysts have also issued research reports about the stock. Piper Sandler decreased their price objective on shares of Centennial Resource Development to $13.00 and set a na rating on the stock in a report on Wednesday, May 18th. Royal Bank of Canada raised shares of Centennial Resource Development from a sector perform rating to an outperform rating and set a $11.00 price objective on the stock in a report on Wednesday, July 6th. Wells Fargo & Company downgraded shares of Centennial Resource Development from an equal weight rating to an underweight rating and cut their target price for the company from $12.00 to $11.00 in a research report on Monday, July 11th. Truist Financial cut their target price on shares of Centennial Resource Development to $8.00 in a research report on Friday, May 20th. Finally, KeyCorp increased their price target on shares of Centennial Resource Development from $9.00 to $11.00 and gave the company an overweight rating in a research report on Friday, April 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $9.85.

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Centennial Resource Development Stock Up 8.9 %

CDEV opened at $6.24 on Tuesday. The firm's 50-day simple moving average is $7.14 and its 200-day simple moving average is $7.74. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.63 and a current ratio of 0.63. Centennial Resource Development has a twelve month low of $3.90 and a twelve month high of $9.70. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 10.58 and a beta of 5.10.

Centennial Resource Development (NASDAQ:CDEV – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The oil and natural gas company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). Centennial Resource Development had a return on equity of 12.30% and a net margin of 15.92%. The company had revenue of $347.28 million for the quarter, compared to the consensus estimate of $307.38 million. During the same period in the prior year, the company earned ($0.01) EPS. Equities research analysts anticipate that Centennial Resource Development will post 2.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Harvest Investment Services LLC raised its stake in Centennial Resource Development by 525.3% in the second quarter. Harvest Investment Services LLC now owns 285,212 shares of the oil and natural gas company's stock valued at $1,705,000 after purchasing an additional 239,599 shares in the last quarter. Tributary Capital Management LLC acquired a new position in Centennial Resource Development in the second quarter valued at about $9,303,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in Centennial Resource Development by 9.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 150,000 shares of the oil and natural gas company's stock valued at $897,000 after purchasing an additional 13,000 shares in the last quarter. Raymond James Trust N.A. acquired a new position in Centennial Resource Development in the second quarter valued at about $61,000. Finally, Diversified Trust Co acquired a new position in Centennial Resource Development in the second quarter valued at about $238,000.

Centennial Resource Development Company Profile

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Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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