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. As of December 31, 2021, it leased or acquired approximately 73,675 net acres; and owned 991 net mineral acres in the Delaware Basin. The company was formerly known as Silver Run Acquisition Corporation and changed its name to Centennial Resource Development, Inc. in October 2016. The company was incorporated in 2015 and is headquartered in Denver, Colorado.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on CDEV. Truist Financial reduced their price objective on Centennial Resource Development to $8.00 in a research note on Friday, May 20th. Royal Bank of Canada raised Centennial Resource Development from a "sector perform" rating to an "outperform" rating and set a $11.00 price objective for the company in a research note on Wednesday, July 6th. MKM Partners reissued a "buy" rating and set a $10.00 price objective on shares of Centennial Resource Development in a research note on Wednesday, July 20th. Cowen set a $10.50 price objective on Centennial Resource Development in a research note on Tuesday, July 19th. Finally, Piper Sandler reduced their price objective on Centennial Resource Development from $12.00 to $11.00 in a research note on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.13.
Centennial Resource Development Price Performance
CDEV opened at $7.10 on Tuesday. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 5.55 and a beta of 4.91. Centennial Resource Development has a 1 year low of $3.90 and a 1 year high of $9.70. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.27. The stock has a fifty day moving average price of $6.76 and a 200 day moving average price of $7.64.
Insider Activity at Centennial Resource Development
In related news, COO Matthew R. Garrison sold 115,762 shares of Centennial Resource Development stock in a transaction on Monday, August 8th. The stock was sold at an average price of $6.50, for a total transaction of $752,453.00. Following the completion of the sale, the chief operating officer now owns 1,332,553 shares of the company's stock, valued at $8,661,594.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 29.20% of the company's stock.