Siebert Williams Shank slashes price target on Centennial Resource Development Inc. [CDEV] – find out why.

Centennial Resource Development Inc. [NASDAQ: CDEV] traded at a high on 08/22/22, posting a 0.41 gain after which it closed the day’ session at $7.42. The company report on August 3, 2022 that Centennial Resource Development Announces Second Quarter 2022 Results.


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Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced second quarter 2022 financial and operational results.

The results of the trading session contributed to over 7718170 shares changing hands. Over the past one week, the price volatility of Centennial Resource Development Inc. stands at 5.27% while the volatility over the past one month is 5.85%.

The market cap for CDEV stock reached $2.16 billion, with 284.99 million shares outstanding and 201.89 million shares in the current float. Compared to the average trading volume of 9.57M shares, CDEV reached a trading volume of 7718170 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 $9.60 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.

Siebert Williams Shank have made an estimate for Centennial Resource Development Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 22, 2022. While these analysts kept the previous recommendation, MKM Partners raised their target price to Buy. The new note on the price target was released on July 20, 2022, representing the official price target for Centennial Resource Development Inc. stock. Previously, the target price had yet another raise to $11, while Wells Fargo analysts kept a Underweight rating on CDEV stock.

The Average True Range (ATR) for Centennial Resource Development Inc. is set at 0.41, with the Price to Sales ratio for CDEV stock in the period of the last 12 months amounting to 1.52. The Price to Book ratio for the last quarter was 0.71, with the Price to Cash per share for the same quarter was set at 0.69. Price to Free Cash Flow for CDEV in the course of the last twelve months was 2.71 with Quick ratio for the last quarter at 1.10.

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 4.51. With this latest performance, CDEV shares gained by 24.50% in over the last four-week period, additionally sinking by -3.26% over the last 6 months – not to mention a rise of 78.80% 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 60.98, with the RSI for the last a single of trading hit 64.85, and the three-weeks RSI is set at 57.17 for Centennial Resource Development Inc. [CDEV]. The present Moving Average for the last 50 days of trading for this stock 6.65, while it was recorded at 7.28 for the last single week of trading, and 7.39 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Centennial Resource Development Inc. [CDEV] shares currently have an operating margin of +35.24 and a Gross Margin at +45.97. Centennial Resource Development Inc.’s Net Margin is presently recorded at +13.42.

Return on Equity for this stock inclined to 5.16, with Return on Assets sitting at 3.41.

Centennial Resource Development Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.

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 $1,801 million, or 87.20% 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 0% of the company’s market cap and around 3.70% of the total institutional ownership; STATE STREET CORP, holding 15,781,853 shares of the stock with an approximate value of $117.1 million in CDEV stocks shares; and BLACKROCK INC., currently with $112.04 million in CDEV stock with ownership of nearly 8.191% of the company’s market capitalization.

Positions in Centennial Resource Development Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 158 institutional holders increased their position in Centennial Resource Development Inc. [NASDAQ:CDEV] by around 39,235,930 shares. Additionally, 90 investors decreased positions by around 37,457,389 shares, while 30 investors held positions by with 166,052,697 shares. The mentioned changes placed institutional holdings at 242,746,016 shares, according to the latest SEC report filing. CDEV stock had 62 new institutional investments in for a total of 13,296,459 shares, while 35 institutional investors sold positions of 4,619,179 shares during the same period.

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