BidaskClub Upgrades Centennial Resource Development (CDEV) to “Sell”

Centennial Resource Development (NASDAQ:CDEV) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, April 9th, BidAskClub reports.

Several other equities research analysts also recently commented on the company. Zacks Investment Research raised Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Wednesday, February 6th. Credit Suisse Group set a $12.00 target price on Centennial Resource Development and gave the company a “hold” rating in a research report on Tuesday, February 26th. Ifs Securities restated a “strong-buy” rating on shares of Centennial Resource Development in a research report on Sunday, February 3rd. ValuEngine cut Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research report on Thursday, February 28th. Finally, Wolfe Research cut Centennial Resource Development from an “outperform” rating to a “market perform” rating in a research report on Monday, December 10th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $18.69.

NASDAQ:CDEV traded up $0.40 during trading hours on Tuesday, reaching $10.24. 2,631,955 shares of the stock were exchanged, compared to its average volume of 3,514,876. Centennial Resource Development has a twelve month low of $8.28 and a twelve month high of $23.12. 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 company has a market cap of $2.83 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.66 and a beta of 1.94.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.03). Centennial Resource Development had a return on equity of 6.51% and a net margin of 22.43%. The firm had revenue of $222.50 million for the quarter, compared to analyst estimates of $238.16 million. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. As a group, analysts anticipate that Centennial Resource Development will post 0.43 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Centennial Resource Development by 2.4% during the 3rd 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 in the last quarter. Vanguard Group Inc raised its holdings in shares of Centennial Resource Development by 2.4% in the 3rd quarter. Vanguard Group Inc now owns 15,754,084 shares of the oil and natural gas company’s stock valued at $344,226,000 after acquiring an additional 370,395 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Centennial Resource Development by 7.2% in the 4th quarter. BlackRock Inc. now owns 8,453,179 shares of the oil and natural gas company’s stock valued at $93,155,000 after acquiring an additional 568,155 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Centennial Resource Development by 18.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,560,405 shares of the oil and natural gas company’s stock valued at $39,235,000 after acquiring an additional 542,778 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Centennial Resource Development by 12.5% in the 4th quarter. Lord Abbett & CO. LLC now owns 3,274,343 shares of the oil and natural gas company’s stock valued at $36,083,000 after acquiring an additional 364,753 shares in the last quarter.

Centennial Resource Development Company Profile

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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