Centennial Resource Development Inc. [CDEV] is 43.65% higher this YTD. Is it still time to buy?


Centennial Resource Development Inc. [NASDAQ: CDEV] jumped around 0.13 points on Friday, while shares priced at $8.59 at the close of the session, up 1.54%. The company report on May 19, 2022 that Centennial Resource Development and Colgate Energy to Combine, Creating $7.0 Billion Permian Basin Pure-Play.

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Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) and Colgate Energy Partners III, LLC (“Colgate”) today announced they have entered into an agreement to combine in a merger of equals transaction. The combined company will be the largest pure-play E&P company in the Delaware Basin with approximately 180,000 net leasehold acres, 40,000 net royalty acres and total current production of approximately 135,000 Boe/d. The combined company plans to leverage its high-quality, scaled asset base to drive leading shareholder returns.

Centennial Resource Development Inc. stock is now 43.65% up from its year-to-date (YTD) trading value. CDEV Stock saw the intraday high of $8.67 and lowest of $8.39 per share. The company’s 52-week high price is 9.58, which means current price is +42.45% above from all time high which was touched on 04/18/22.

Compared to the average trading volume of 10.94M shares, CDEV reached a trading volume of 8956744 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Centennial Resource Development Inc. [CDEV]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CDEV shares is $10.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CDEV stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Piper Sandler have made an estimate for Centennial Resource Development Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on April 07, 2022. While these analysts kept the previous recommendation, Stifel dropped their target price from $8.40 to $11.20. The new note on the price target was released on April 01, 2022, representing the official price target for Centennial Resource Development Inc. stock. Previously, the target price had yet another raise to $12, while Wells Fargo analysts kept a Equal Weight rating on CDEV stock.

The Average True Range (ATR) for Centennial Resource Development Inc. is set at 0.52, with the Price to Sales ratio for CDEV stock in the period of the last 12 months amounting to 2.03. The Price to Book ratio for the last quarter was 0.88, with the Price to Cash per share for the same quarter was set at 0.18. Price to Free Cash Flow for CDEV in the course of the last twelve months was 3.94 with Quick ratio for the last quarter at 0.60.

How has CDEV stock performed recently?

Centennial Resource Development Inc. [CDEV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.24. With this latest performance, CDEV shares gained by 2.87% in over the last four-week period, additionally plugging by 47.09% over the last 6 months – not to mention a rise of 39.45% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CDEV stock in for the last two-week period is set at 60.33, with the RSI for the last a single of trading hit 67.35, and the three-weeks RSI is set at 56.63 for Centennial Resource Development Inc. [CDEV]. The present Moving Average for the last 50 days of trading for this stock 8.11, while it was recorded at 8.27 for the last single week of trading, and 7.21 for the last 200 days.

Centennial Resource Development Inc. [CDEV]: Deeper insight into the fundamentals

Centennial Resource Development Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.60.

Earnings analysis for Centennial Resource Development Inc. [CDEV]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CDEV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Centennial Resource Development Inc. go to 6.00%.

Insider trade positions for Centennial Resource Development Inc. [CDEV]

There are presently around $1,982 million, or 83.20% of CDEV stock, in the hands of institutional investors. The top three institutional holders of CDEV stocks are: RIVERSTONE HOLDINGS LLC with ownership of 68,858,550, which is approximately -17.494% of the company’s market cap and around 3.80% of the total institutional ownership; STATE STREET CORP, holding 18,425,711 shares of the stock with an approximate value of $158.28 million in CDEV stocks shares; and BLACKROCK INC., currently with $119.89 million in CDEV stock with ownership of nearly 1.264% of the company’s market capitalization.

Positions in Centennial Resource Development Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 125 institutional holders increased their position in Centennial Resource Development Inc. [NASDAQ:CDEV] by around 45,535,932 shares. Additionally, 97 investors decreased positions by around 41,167,565 shares, while 31 investors held positions by with 144,076,391 shares. The mentioned changes placed institutional holdings at 230,779,888 shares, according to the latest SEC report filing. CDEV stock had 55 new institutional investments in for a total of 7,567,160 shares, while 31 institutional investors sold positions of 5,541,492 shares during the same period.