Centennial Resource Development (CDEV) Cut to Sell at ValuEngine

ValuEngine downgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a hold rating to a sell rating in a research note issued to investors on Thursday.

Several other research firms have also recently commented on CDEV. Zacks Investment Research raised Centennial Resource Development from a hold rating to a buy rating and set a $24.00 target price for the company in a research note on Tuesday, October 9th. Royal Bank of Canada set a $30.00 target price on Centennial Resource Development and gave the stock a buy rating in a research note on Monday, October 1st. BidaskClub cut Centennial Resource Development from a strong-buy rating to a buy rating in a research note on Tuesday, October 9th. TheStreet raised Centennial Resource Development from a c rating to a b- rating in a research note on Friday, August 31st. Finally, SunTrust Banks raised Centennial Resource Development from a hold rating to a buy rating and set a $25.00 target price for the company in a research note on Friday, September 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $24.89.

NASDAQ CDEV traded up $0.09 during trading hours on Thursday, hitting $18.54. 4,034,958 shares of the company’s stock were exchanged, compared to its average volume of 2,368,305. Centennial Resource Development has a 1-year low of $15.78 and a 1-year high of $23.12. The stock has a market capitalization of $5.50 billion, a P/E ratio of 66.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.79 and a quick ratio of 0.89.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The business had revenue of $234.88 million for the quarter, compared to analyst estimates of $239.43 million. The firm’s quarterly revenue was up 110.4% compared to the same quarter last year. Equities analysts expect that Centennial Resource Development will post 0.94 earnings per share for the current year.

Large investors have recently made changes to their positions in the business. First Interstate Bank bought a new position in Centennial Resource Development in the third quarter worth approximately $133,000. Confluence Investment Management LLC bought a new position in Centennial Resource Development in the third quarter worth approximately $208,000. Whittier Trust Co. of Nevada Inc. bought a new position in Centennial Resource Development in the second quarter worth approximately $172,000. CIBC Asset Management Inc bought a new position in Centennial Resource Development in the third quarter worth approximately $214,000. Finally, US Bancorp DE bought a new position in Centennial Resource Development in the third quarter worth approximately $239,000. Institutional investors and hedge funds own 94.31% of the company’s stock.

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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