Centennial Resource Development (CDEV) Downgraded to “Hold” at BidaskClub

BidaskClub downgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a research report sent to investors on Tuesday, January 9th.

A number of other equities analysts have also recently issued reports on the company. Wolfe Research started coverage on Centennial Resource Development in a report on Tuesday, November 14th. They set an outperform rating for the company. Seaport Global Securities upgraded Centennial Resource Development from a neutral rating to a buy rating and set a $19.00 target price for the company in a report on Tuesday, December 19th. Credit Suisse Group initiated coverage on Centennial Resource Development in a report on Monday, December 11th. They set an outperform rating and a $22.00 target price for the company. Zacks Investment Research cut Centennial Resource Development from a buy rating to a hold rating in a report on Thursday, November 2nd. Finally, KLR Group initiated coverage on Centennial Resource Development in a report on Monday, September 25th. They issued a buy rating and a $30.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $22.47.

Centennial Resource Development (NASDAQ CDEV) traded up $0.47 during mid-day trading on Tuesday, reaching $20.78. The company’s stock had a trading volume of 1,181,707 shares, compared to its average volume of 1,361,831. The company has a market cap of $5,210.00 and a PE ratio of -18.23. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.43 and a current ratio of 0.43. Centennial Resource Development has a 52-week low of $14.10 and a 52-week high of $22.11.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Monday, November 6th. The oil and natural gas company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.01. Centennial Resource Development had a negative return on equity of 5.52% and a negative net margin of 49.20%. equities analysts expect that Centennial Resource Development will post 0.27 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Centennial Resource Development by 9.9% in the 2nd quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock valued at $145,000 after purchasing an additional 830 shares during the last quarter. Howard Hughes Medical Institute lifted its stake in Centennial Resource Development by 9.7% in the 2nd quarter. Howard Hughes Medical Institute now owns 18,917 shares of the oil and natural gas company’s stock valued at $299,000 after purchasing an additional 1,680 shares during the last quarter. TIAA FSB lifted its stake in Centennial Resource Development by 7.9% in the 3rd quarter. TIAA FSB now owns 78,756 shares of the oil and natural gas company’s stock valued at $1,415,000 after purchasing an additional 5,770 shares during the last quarter. Cipher Capital LP lifted its stake in Centennial Resource Development by 63.0% in the 3rd quarter. Cipher Capital LP now owns 18,784 shares of the oil and natural gas company’s stock valued at $338,000 after purchasing an additional 7,260 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Centennial Resource Development in the 4th quarter valued at about $192,000. Institutional investors and hedge funds own 93.44% of the company’s stock.

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Centennial Resource Development 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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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