RBC Capital Reaffirms Their Buy Rating on Centennial Resource Development Inc

By Carrie Williams

RBC Capital analyst Scott Hanold reiterated a Buy rating on Centennial Resource Development Inc (NASDAQ: CDEV) on July 9 and set a price target of $28. The company’s shares closed yesterday at $17.99.

According to TipRanks.com, Hanold is a 4-star analyst with an average return of 4.2% and a 49.3% success rate. Hanold covers the Basic Materials sector, focusing on stocks such as Anadarko Petroleum, Carrizo Oil & Gas, and Apache.

Currently, the analyst consensus on Centennial Resource Development Inc is a Moderate Buy with an average price target of $22.33, a 24.1% upside from current levels. In a report issued on July 5, TD Securities also initiated coverage with a Buy rating on the stock with a $23 price target.

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Centennial Resource Development Inc’s market cap is currently $4.74B and has a P/E ratio of 34.78. The company has a Price to Book ratio of 1.61.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDEV in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Centennial Resource Development, Inc. is an oil and natural gas company Its activities include development and acquisition of unconventional oil and associated liquid-rich natural gas reserves in the Permian Basin. The company was founded in October 2014 and is headquartered in Denver, CO.