Centennial Resource Development (CDEV) Rating Lowered to Strong Sell at Zacks Investment Research

Centennial Resource Development (NASDAQ:CDEV) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Friday.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

Several other research analysts have also recently commented on CDEV. TheStreet upgraded shares of Centennial Resource Development from a “c” rating to a “b-” rating in a report on Friday, August 31st. BidaskClub upgraded shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a report on Thursday, August 9th. Cowen began coverage on shares of Centennial Resource Development in a report on Thursday. They set an “outperform” rating for the company. ValuEngine cut shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a report on Thursday, November 8th. Finally, Barclays lowered their target price on shares of Centennial Resource Development from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, November 16th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company. Centennial Resource Development presently has an average rating of “Buy” and an average target price of $24.78.

NASDAQ CDEV opened at $15.52 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. Centennial Resource Development has a 52 week low of $15.27 and a 52 week high of $23.12. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 55.43 and a beta of 1.51.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly 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 firm had revenue of $234.88 million for the quarter, compared to analyst estimates of $239.43 million. The company’s revenue was up 110.4% on a year-over-year basis. As a group, research analysts expect that Centennial Resource Development will post 0.87 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. First Interstate Bank acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at $133,000. Confluence Investment Management LLC acquired a new stake in Centennial Resource Development during the 3rd quarter worth $208,000. CIBC Asset Management Inc acquired a new stake in Centennial Resource Development during the 3rd quarter worth $214,000. US Bancorp DE acquired a new stake in Centennial Resource Development during the 3rd quarter worth $239,000. Finally, Waratah Capital Advisors Ltd. acquired a new stake in Centennial Resource Development during the 3rd quarter worth $240,000. Institutional investors and hedge funds own 97.80% of the company’s stock.

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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