Centennial Resource Development (CDEV) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a research note released on Tuesday morning.

CDEV has been the topic of several other reports. Seaport Global Securities upgraded shares of Centennial Resource Development from a neutral rating to a buy rating and set a $19.00 price objective on the stock in a research report on Tuesday, December 19th. Credit Suisse Group initiated coverage on shares of Centennial Resource Development in a research report on Monday, December 11th. They issued an outperform rating and a $22.00 price objective on the stock. Wolfe Research initiated coverage on shares of Centennial Resource Development in a research report on Tuesday, November 14th. They issued an outperform rating on the stock. Scotiabank restated a buy rating and issued a $22.00 price objective on shares of Centennial Resource Development in a research report on Tuesday, November 7th. Finally, Zacks Investment Research cut shares of Centennial Resource Development from a buy rating to a hold rating in a research report on Thursday, November 2nd. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $22.47.

Shares of Centennial Resource Development (NASDAQ CDEV) remained flat at $$20.29 on Tuesday. 746,775 shares of the stock traded hands, compared to its average volume of 1,331,467. Centennial Resource Development has a one year low of $14.10 and a one year high of $22.11. The stock has a market capitalization of $5,210.00 and a P/E ratio of -17.80. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.06.

A number of institutional investors and hedge funds have recently modified their holdings of CDEV. Magnetar Financial LLC purchased a new stake in Centennial Resource Development in the third quarter worth approximately $72,858,000. BlackRock Inc. boosted its stake in Centennial Resource Development by 175.1% in the second quarter. BlackRock Inc. now owns 5,992,125 shares of the oil and natural gas company’s stock worth $94,795,000 after buying an additional 3,814,249 shares in the last quarter. State Street Corp boosted its stake in Centennial Resource Development by 191.3% in the second quarter. State Street Corp now owns 3,084,242 shares of the oil and natural gas company’s stock worth $48,795,000 after buying an additional 2,025,288 shares in the last quarter. Balyasny Asset Management LLC purchased a new stake in Centennial Resource Development in the second quarter worth approximately $14,376,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Centennial Resource Development in the third quarter worth approximately $12,343,000. 93.44% of the stock is owned by institutional investors and hedge funds.

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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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