Centennial Resource Development (CDEV) PT Set at $17.00 by JPMorgan Chase & Co.

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JPMorgan Chase & Co. set a $17.00 price target on Centennial Resource Development (NASDAQ:CDEV) in a research note published on Friday morning. The firm currently has a buy rating on the oil and natural gas company’s stock.

Other research analysts also recently issued research reports about the stock. TheStreet upgraded shares of Centennial Resource Development from a c rating to a b- rating in a report on Friday, August 31st. Zacks Investment Research raised shares of Centennial Resource Development from a hold rating to a buy rating and set a $24.00 target price on the stock in a research note on Tuesday, October 9th. BidaskClub cut shares of Centennial Resource Development from a strong-buy rating to a buy rating in a research note on Tuesday, October 9th. Royal Bank of Canada set a $30.00 target price on shares of Centennial Resource Development and gave the company a buy rating in a research note on Monday, October 1st. Finally, Jefferies Financial Group assumed coverage on shares of Centennial Resource Development in a research note on Thursday, August 23rd. They issued a buy rating and a $23.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $24.30.

Shares of NASDAQ:CDEV traded up $0.18 on Friday, hitting $15.22. 7,555,454 shares of the company were exchanged, compared to its average volume of 2,850,079. Centennial Resource Development has a one year low of $14.77 and a one year high of $23.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 54.36 and a beta of 1.39.

Centennial Resource Development (NASDAQ:CDEV) last posted 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 the consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The company had revenue of $234.88 million for the quarter, compared to the consensus estimate of $239.43 million. The business’s revenue for the quarter was up 110.4% on a year-over-year basis. Equities analysts predict that Centennial Resource Development will post 0.87 EPS for the current year.

A number of institutional investors have recently modified their holdings of CDEV. First Interstate Bank bought a new stake in Centennial Resource Development during the third quarter worth about $133,000. Confluence Investment Management LLC bought a new stake in Centennial Resource Development during the third quarter worth about $208,000. CIBC Asset Management Inc bought a new stake in Centennial Resource Development during the third quarter worth about $214,000. Strs Ohio bought a new stake in Centennial Resource Development during the second quarter worth about $218,000. Finally, Brown Advisory Inc. bought a new stake in Centennial Resource Development during the second quarter worth about $228,000.

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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