CENTENNIAL RES (NASDAQ:CDEV) Earns Sector Outperform Rating from Analysts at Howard Weil

Stock analysts at Howard Weil initiated coverage on shares of CENTENNIAL RES (NASDAQ:CDEV) in a research note issued to investors on Friday, July 21st, Marketbeat Ratings reports. The firm set a “sector outperform” rating and a $21.00 price target on the oil and natural gas company’s stock. Howard Weil’s price objective would indicate a potential upside of 32.24% from the company’s previous close.

CDEV has been the subject of a number of other reports. BMO Capital Markets set a $17.00 price target on CENTENNIAL RES and gave the stock a “hold” rating in a report on Monday, June 26th. Zacks Investment Research raised CENTENNIAL RES from a “sell” rating to a “hold” rating in a report on Wednesday, March 29th. Wunderlich raised their price target on CENTENNIAL RES from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, March 23rd. Tudor Pickering reaffirmed a “buy” rating and issued a $29.00 price target on shares of CENTENNIAL RES in a report on Thursday, March 30th. Finally, Citigroup Inc. started coverage on CENTENNIAL RES in a report on Monday, May 1st. They issued a “buy” rating and a $21.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $22.09.

Shares of CENTENNIAL RES (CDEV) opened at 15.88 on Friday. CENTENNIAL RES has a 1-year low of $11.08 and a 1-year high of $20.97. The company has a 50-day moving average price of $15.60 and a 200 day moving average price of $17.09. The company has a market capitalization of $3.29 billion, a P/E ratio of 230.14 and a beta of 2.14.

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In other CENTENNIAL RES news, COO Sean R. Smith acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was bought at an average price of $15.05 per share, with a total value of $150,500.00. Following the completion of the purchase, the chief operating officer now owns 21,540 shares of the company’s stock, valued at $324,177. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 44.70% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Koch Industries Inc. acquired a new stake in CENTENNIAL RES during the first quarter valued at about $325,000. Russell Investments Group Ltd. purchased a new stake in shares of CENTENNIAL RES during the fourth quarter valued at about $2,094,000. Orbis Allan Gray Ltd purchased a new stake in shares of CENTENNIAL RES during the fourth quarter valued at about $11,650,000. Schroder Investment Management Group raised its stake in shares of CENTENNIAL RES by 0.8% in the first quarter. Schroder Investment Management Group now owns 1,854,732 shares of the oil and natural gas company’s stock valued at $33,496,000 after buying an additional 15,334 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of CENTENNIAL RES by 66.9% in the first quarter. Vanguard Group Inc. now owns 7,747,736 shares of the oil and natural gas company’s stock valued at $141,241,000 after buying an additional 3,106,958 shares during the period.

CENTENNIAL RES Company Profile

Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.