BidaskClub upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a strong-buy rating in a report released on Wednesday morning.

CDEV has been the subject of several other research reports. ValuEngine cut shares of Centennial Resource Development from a buy rating to a hold rating in a research report on Tuesday, July 3rd. Zacks Investment Research upgraded shares of Centennial Resource Development from a hold rating to a buy rating and set a $20.00 target price for the company in a research report on Tuesday, July 17th. Jefferies Financial Group began coverage on shares of Centennial Resource Development in a research report on Thursday, August 23rd. They set a buy rating and a $23.00 target price for the company. SunTrust Banks upgraded shares of Centennial Resource Development from a hold rating to a buy rating and set a $25.00 target price for the company in a research report on Friday, September 7th. Finally, TheStreet upgraded shares of Centennial Resource Development from a c rating to a b- rating in a research report on Friday, August 31st. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $24.42.

NASDAQ:CDEV opened at $21.40 on Wednesday. Centennial Resource Development has a 52-week low of $15.78 and a 52-week high of $22.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 76.43 and a beta of 1.38.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.03. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The firm had revenue of $217.76 million for the quarter, compared to the consensus estimate of $220.58 million. During the same quarter in the prior year, the business earned $0.09 EPS. The business’s revenue for the quarter was up 139.1% compared to the same quarter last year. analysts expect that Centennial Resource Development will post 0.95 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of Centennial Resource Development by 0.8% in the 2nd quarter. FMR LLC now owns 31,157,173 shares of the oil and natural gas company’s stock valued at $562,698,000 after buying an additional 240,034 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Centennial Resource Development by 5,006.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,711,283 shares of the oil and natural gas company’s stock valued at $196,552,000 after buying an additional 10,501,529 shares in the last quarter. BlackRock Inc. increased its position in shares of Centennial Resource Development by 13.1% in the 2nd quarter. BlackRock Inc. now owns 7,488,572 shares of the oil and natural gas company’s stock valued at $135,243,000 after buying an additional 866,574 shares in the last quarter. Frontier Capital Management Co. LLC bought a new stake in shares of Centennial Resource Development in the 2nd quarter valued at $81,270,000. Finally, Point72 Asset Management L.P. increased its position in shares of Centennial Resource Development by 325,160,300.0% in the 1st quarter. Point72 Asset Management L.P. now owns 3,251,604 shares of the oil and natural gas company’s stock valued at $59,667,000 after buying an additional 3,251,603 shares in the last quarter. Institutional investors and hedge funds own 94.38% of the company’s stock.

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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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