Centennial Resource Development (CDEV) Lifted to “Sell” at ValuEngine

Centennial Resource Development (NASDAQ:CDEV) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a report issued on Wednesday.

Other equities research analysts have also recently issued reports about the company. Guggenheim set a $20.00 price target on Centennial Resource Development and gave the company a “buy” rating in a report on Tuesday, February 26th. Credit Suisse Group set a $12.00 price target on Centennial Resource Development and gave the company a “hold” rating in a report on Tuesday, February 26th. Zacks Investment Research raised Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Wednesday, February 6th. TD Securities decreased their price target on Centennial Resource Development from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, February 27th. Finally, JPMorgan Chase & Co. set a $17.00 price target on Centennial Resource Development and gave the company a “buy” rating in a report on Friday, December 7th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.61.

NASDAQ:CDEV traded up $0.07 on Wednesday, reaching $9.10. 2,405,260 shares of the company’s stock traded hands, compared to its average volume of 3,658,493. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.21. The stock has a market cap of $2.50 billion, a PE ratio of 12.13, a P/E/G ratio of 1.52 and a beta of 1.84. Centennial Resource Development has a 12 month low of $8.28 and a 12 month high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The business had revenue of $222.50 million for the quarter, compared to the consensus estimate of $238.16 million. Centennial Resource Development had a net margin of 22.43% and a return on equity of 6.51%. Centennial Resource Development’s revenue was up 34.0% compared to the same quarter last year. Sell-side analysts anticipate that Centennial Resource Development will post 0.36 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. PEAK6 Investments LLC bought a new stake in shares of Centennial Resource Development in the third quarter worth about $3,655,000. Teton Advisors Inc. increased its holdings in shares of Centennial Resource Development by 28.1% in the fourth quarter. Teton Advisors Inc. now owns 94,894 shares of the oil and natural gas company’s stock worth $1,046,000 after purchasing an additional 20,800 shares during the last quarter. CI Investments Inc. increased its holdings in shares of Centennial Resource Development by 14.6% in the third quarter. CI Investments Inc. now owns 174,600 shares of the oil and natural gas company’s stock worth $3,815,000 after purchasing an additional 22,200 shares during the last quarter. Vanguard Group Inc increased its holdings in shares of Centennial Resource Development by 2.4% in the third quarter. Vanguard Group Inc now owns 15,754,084 shares of the oil and natural gas company’s stock worth $344,226,000 after purchasing an additional 370,395 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Centennial Resource Development by 35.2% in the third quarter. Wells Fargo & Company MN now owns 389,066 shares of the oil and natural gas company’s stock worth $8,502,000 after purchasing an additional 101,335 shares during the last quarter.

About Centennial Resource Development

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.

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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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