Centennial Resource Development (NASDAQ:CDEV) Price Target Raised to $11.00 at KeyCorp

Centennial Resource Development (NASDAQ:CDEVGet Rating) had its price objective upped by KeyCorp from $9.00 to $11.00 in a research note issued to investors on Friday morning, MarketBeat Ratings reports. The firm currently has an overweight rating on the oil and natural gas company’s stock. KeyCorp also issued estimates for Centennial Resource Development’s Q4 2022 earnings at $0.55 EPS, Q1 2023 earnings at $0.54 EPS, Q2 2023 earnings at $0.54 EPS, Q3 2023 earnings at $0.59 EPS and Q4 2023 earnings at $0.61 EPS.

CDEV has been the topic of several other reports. Stifel Nicolaus upgraded shares of Centennial Resource Development from a hold rating to a buy rating and increased their target price for the stock from $8.40 to $11.20 in a research note on Friday, April 1st. Wells Fargo & Company upgraded shares of Centennial Resource Development from an underweight rating to an equal weight rating and set a $12.00 price objective on the stock in a research report on Monday, March 14th. JPMorgan Chase & Co. raised their price objective on shares of Centennial Resource Development from $9.00 to $10.00 and gave the company a neutral rating in a research report on Wednesday, March 2nd. Piper Sandler upgraded shares of Centennial Resource Development from a neutral rating to an overweight rating and raised their price objective for the company from $10.00 to $13.00 in a research report on Thursday, April 7th. 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 on the stock in a research report on Tuesday, January 25th. Six research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Centennial Resource Development currently has an average rating of Buy and a consensus target price of $9.25.

NASDAQ CDEV opened at $8.97 on Friday. Centennial Resource Development has a 1 year low of $3.69 and a 1 year high of $9.55. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $2.55 billion, a PE ratio of 21.36 and a beta of 5.56. The company’s 50 day simple moving average is $8.23 and its two-hundred day simple moving average is $7.40.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last posted its earnings results on Tuesday, February 22nd. The oil and natural gas company reported $0.51 earnings per share (EPS) for the quarter, topping 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 firm posted ($0.17) EPS. On average, research analysts anticipate that Centennial Resource Development will post 1.88 EPS for the current year.

In related news, Director Silver Run Sponsor, Llc sold 2,425,000 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $8.76, for a total transaction of $21,243,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 29.20% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. grew its holdings in Centennial Resource Development by 8.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 24,300 shares of the oil and natural gas company’s stock worth $163,000 after acquiring an additional 1,800 shares during the last quarter. Nordea Investment Management AB grew its holdings in Centennial Resource Development by 0.7% in the 1st quarter. Nordea Investment Management AB now owns 603,901 shares of the oil and natural gas company’s stock worth $5,018,000 after acquiring an additional 3,913 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Centennial Resource Development by 24.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 20,345 shares of the oil and natural gas company’s stock worth $136,000 after acquiring an additional 4,030 shares during the last quarter. SG Americas Securities LLC grew its holdings in Centennial Resource Development by 3.8% in the 3rd quarter. SG Americas Securities LLC now owns 114,711 shares of the oil and natural gas company’s stock worth $769,000 after acquiring an additional 4,153 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in Centennial Resource Development by 203.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 6,458 shares of the oil and natural gas company’s stock worth $42,000 after acquiring an additional 4,333 shares during the last quarter. 78.11% of the stock is currently owned by institutional investors and hedge funds.

Centennial Resource Development Company Profile (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.

See Also

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

Receive News & Ratings for Centennial Resource Development Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Resource Development and related companies with MarketBeat.com's FREE daily email newsletter.