Centennial Resource Development (NASDAQ:CDEV – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, Zacks.com reports. They presently have a $7.25 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.10% from the company’s current price.
According to Zacks, “Centennial is a pure-play Permian Basin oil producer. The company has a huge acreage position in the Delaware Basin, which is likely to provide it with years of production. The upstream energy player has more than 73,500 net acres and 15 years of drilling inventory in the prolific basin, which makes its production outlook bright. The firm recently announced that it has signed an accord to merge with Colgate Energy Partners. The agreement, approved by both the firms’ board of directors and likely to close in the second half of this year, will create a $7 billion Permian Basin pure-play. However, the company is still not paying any dividend when many of the upstream players are paying hefty dividend yields, especially when oil price is trading at handsome prices. Rising lease operating expenses are hurting the firm’s bottom-line.”
Several other equities research analysts also recently issued reports on CDEV. Piper Sandler dropped their price target on shares of Centennial Resource Development to $13.00 and set a “na” rating on the stock in a research note on Wednesday. Stifel Nicolaus upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and boosted their price target for the stock from $8.40 to $11.20 in a research note on Friday, April 1st. Wells Fargo & Company raised Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a report on Monday, March 14th. KeyCorp lifted their price objective on Centennial Resource Development from $9.00 to $11.00 and gave the stock an “overweight” rating in a report on Friday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.11.
Centennial Resource Development (NASDAQ:CDEV – Get Rating) last released its quarterly earnings results on Wednesday, May 4th. The oil and natural gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.35). Centennial Resource Development had a return on equity of 12.30% and a net margin of 15.92%. During the same period last year, the business earned ($0.01) EPS. As a group, research analysts anticipate that Centennial Resource Development will post 2.09 earnings per share for the current year.
In related news, Director Silver Run Sponsor, Llc sold 2,425,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $8.76, for a total value of $21,243,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 29.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CDEV. First Trust Advisors LP increased its holdings in shares of Centennial Resource Development by 32.8% during the first quarter. First Trust Advisors LP now owns 562,517 shares of the oil and natural gas company’s stock valued at $4,945,000 after purchasing an additional 138,857 shares during the period. Morgan Stanley lifted its stake in shares of Centennial Resource Development by 81.5% in the 2nd quarter. Morgan Stanley now owns 2,146,650 shares of the oil and natural gas company’s stock worth $14,554,000 after acquiring an additional 963,970 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Centennial Resource Development by 8.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,300 shares of the oil and natural gas company’s stock valued at $163,000 after acquiring an additional 1,800 shares during the period. Truist Financial Corp raised its holdings in Centennial Resource Development by 317.0% during the third quarter. Truist Financial Corp now owns 84,653 shares of the oil and natural gas company’s stock worth $567,000 after purchasing an additional 64,353 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in Centennial Resource Development in the third quarter worth approximately $71,000.
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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