Centennial Resource Development (NASDAQ:CDEV) received a $17.00 target price from equities research analysts at JPMorgan Chase & Co. in a research note issued to investors on Friday. The firm presently has a “buy” rating on the oil and natural gas company’s stock. JPMorgan Chase & Co.’s target price would indicate a potential upside of 8.56% from the stock’s previous close.

CDEV has been the topic of a number of other research reports. Jefferies Financial Group began coverage on Centennial Resource Development in a report on Thursday, August 23rd. They set a “buy” rating and a $23.00 price objective on the stock. Stephens began coverage on Centennial Resource Development in a report on Thursday. They set an “equal weight” rating and a $23.00 price objective on the stock. BidaskClub raised Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Thursday, August 9th. TheStreet cut Centennial Resource Development from a “b-” rating to a “c” rating in a report on Wednesday, November 14th. Finally, Zacks Investment Research raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, October 9th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $24.30.

CDEV traded up $0.62 during trading on Friday, reaching $15.66. 88,952 shares of the company were exchanged, compared to its average volume of 2,801,276. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 56.04 and a beta of 1.39. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79. Centennial Resource Development has a 12-month low of $14.77 and a 12-month high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). The company had revenue of $234.88 million for the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. Centennial Resource Development’s revenue for the quarter was up 110.4% on a year-over-year basis. On average, research analysts forecast that Centennial Resource Development will post 0.87 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in Centennial Resource Development by 27.0% in the 3rd quarter. FMR LLC now owns 39,567,873 shares of the oil and natural gas company’s stock worth $864,558,000 after acquiring an additional 8,410,700 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Centennial Resource Development by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 15,754,084 shares of the oil and natural gas company’s stock valued at $344,226,000 after purchasing an additional 370,395 shares during the last quarter. BlackRock Inc. increased its position in shares of Centennial Resource Development by 5.3% during the 3rd quarter. BlackRock Inc. now owns 7,885,024 shares of the oil and natural gas company’s stock valued at $172,288,000 after purchasing an additional 396,452 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Centennial Resource Development by 9.4% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 4,924,039 shares of the oil and natural gas company’s stock valued at $107,590,000 after purchasing an additional 424,015 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Centennial Resource Development by 18.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,017,627 shares of the oil and natural gas company’s stock valued at $65,933,000 after purchasing an additional 460,773 shares during the last quarter.

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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