Centennial Resource Development (NASDAQ:CDEV) Lifted to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Centennial Resource Development (NASDAQ:CDEVGet Rating) from a neutral rating to an overweight rating in a research note published on Thursday, Marketbeat Ratings reports. The firm currently has $13.00 price objective on the oil and natural gas company’s stock, up from their prior price objective of $10.00. Piper Sandler also issued estimates for Centennial Resource Development’s Q1 2022 earnings at $0.41 EPS.

Several other equities analysts have also recently issued reports on CDEV. Wells Fargo & Company upgraded shares of Centennial Resource Development from an underweight rating to an equal weight rating and set a $12.00 price target for the company in a research report on Monday, March 14th. Stifel Nicolaus upgraded shares of Centennial Resource Development from a hold rating to a buy rating and upped their price target for the company from $8.40 to $11.20 in a research report on Friday, April 1st. KeyCorp increased their price objective on shares of Centennial Resource Development from $8.00 to $9.00 and gave the stock an overweight rating in a research report on Thursday, January 27th. JPMorgan Chase & Co. increased their price objective on shares of Centennial Resource Development from $9.00 to $10.00 and gave the stock a neutral rating in a research report on Wednesday, March 2nd. Finally, Zacks Investment Research upgraded shares of Centennial Resource Development from a hold rating to a strong-buy rating and set a $8.75 price objective for the company in a research report on Tuesday, January 25th. Six 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. Based on data from MarketBeat, Centennial Resource Development has an average rating of Buy and a consensus price target of $9.25.

Shares of NASDAQ CDEV opened at $9.42 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.52 and a current ratio of 0.52. Centennial Resource Development has a 52-week low of $3.69 and a 52-week high of $9.55. The firm has a 50 day moving average price of $8.22 and a two-hundred day moving average price of $7.38. The stock has a market cap of $2.68 billion, a P/E ratio of 22.43 and a beta of 5.56.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last announced its quarterly earnings results on Tuesday, February 22nd. The oil and natural gas company reported $0.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.22. Centennial Resource Development had a net margin of 13.42% and a return on equity of 7.83%. During the same period in the previous year, the company posted ($0.17) earnings per share. Analysts predict that Centennial Resource Development will post 1.88 earnings per share for the current fiscal year.

In related news, Director Silver Run Sponsor, Llc sold 10,000,000 shares of the stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $8.15, for a total transaction of $81,500,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 29.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in Centennial Resource Development by 101.2% during the fourth quarter. Barclays PLC now owns 232,552 shares of the oil and natural gas company’s stock worth $1,390,000 after acquiring an additional 116,957 shares in the last quarter. Comerica Bank bought a new position in shares of Centennial Resource Development in the fourth quarter valued at $962,000. Deutsche Bank AG lifted its stake in shares of Centennial Resource Development by 48.1% in the fourth quarter. Deutsche Bank AG now owns 1,708,141 shares of the oil and natural gas company’s stock valued at $10,214,000 after buying an additional 554,687 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Centennial Resource Development by 3.2% in the fourth quarter. California State Teachers Retirement System now owns 254,247 shares of the oil and natural gas company’s stock valued at $1,520,000 after buying an additional 7,999 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Centennial Resource Development by 25.0% in the fourth quarter. Parametric Portfolio Associates LLC now owns 104,669 shares of the oil and natural gas company’s stock valued at $626,000 after buying an additional 20,933 shares in the last quarter. 78.11% of the stock is currently owned by institutional investors and hedge funds.

About Centennial Resource Development (Get Rating)

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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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