Centennial Resource Development (NASDAQ: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.

CDEV has been the subject of several other research reports. Stifel Nicolaus set a $21.00 price objective on Centennial Resource Development and gave the company a buy rating in a report on Thursday, October 5th. Zacks Investment Research cut Centennial Resource Development from a buy rating to a hold rating in a report on Thursday, November 2nd. Credit Suisse Group initiated coverage on Centennial Resource Development in a report on Monday, December 11th. They issued an outperform rating and a $22.00 price objective for the company. Seaport Global Securities initiated coverage on Centennial Resource Development in a report on Thursday, September 28th. They issued a neutral rating and a $19.00 price objective for the company. 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 research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $22.47.

Centennial Resource Development (CDEV) traded up $0.52 during mid-day trading on Tuesday, reaching $20.44. The company’s stock had a trading volume of 1,522,515 shares, compared to its average volume of 1,369,300. The company has a market cap of $5,240.00 and a PE ratio of -17.93. 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.

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. Great West Life Assurance Co. Can acquired a new stake in Centennial Resource Development in the 2nd quarter valued at about $158,000. Prudential Financial Inc. acquired a new stake in Centennial Resource Development in the 3rd quarter valued at about $189,000. Quantbot Technologies LP acquired a new stake in Centennial Resource Development in the 3rd quarter valued at about $198,000. Finally, Cipher Capital LP acquired a new stake in Centennial Resource Development in the 2nd quarter valued at about $182,000. 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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