Centennial Resource Development (CDEV) Downgraded by BidaskClub

Centennial Resource Development (NASDAQ:CDEV) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Several other research firms have also recently weighed in on CDEV. Stifel Nicolaus set a $25.00 price target on Centennial Resource Development and gave the stock a “buy” rating in a report on Tuesday, January 30th. Zacks Investment Research raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a report on Monday, January 29th. Guggenheim assumed coverage on Centennial Resource Development in a report on Monday, January 29th. They issued a “buy” rating and a $29.00 price objective for the company. Deutsche Bank assumed coverage on Centennial Resource Development in a report on Thursday, February 1st. They issued a “buy” rating and a $26.00 price objective for the company. Finally, Wolfe Research assumed coverage on Centennial Resource Development in a report on Tuesday, November 14th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the stock. Centennial Resource Development currently has an average rating of “Buy” and a consensus price target of $24.16.

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Shares of Centennial Resource Development (NASDAQ CDEV) opened at $18.06 on Friday. The firm has a market capitalization of $5,067.89, a P/E ratio of 58.26, a P/E/G ratio of 0.56 and a beta of 1.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.01. Centennial Resource Development has a fifty-two week low of $14.10 and a fifty-two week high of $22.14.

In other news, Director Us Centennial Holdings Ll Rel sold 21,505,417 shares of Centennial Resource Development stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $19.50, for a total value of $419,355,631.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 44.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CDEV. Castleark Management LLC grew its position in Centennial Resource Development by 154.6% during the 4th quarter. Castleark Management LLC now owns 386,905 shares of the oil and natural gas company’s stock worth $7,661,000 after acquiring an additional 234,960 shares during the last quarter. Jane Street Group LLC bought a new stake in Centennial Resource Development during the 4th quarter worth $738,000. Millennium Management LLC bought a new stake in Centennial Resource Development during the 4th quarter worth $9,309,000. TIAA CREF Investment Management LLC grew its position in Centennial Resource Development by 9.0% during the 4th quarter. TIAA CREF Investment Management LLC now owns 343,243 shares of the oil and natural gas company’s stock worth $6,796,000 after acquiring an additional 28,342 shares during the last quarter. Finally, Teachers Advisors LLC grew its position in Centennial Resource Development by 22.8% during the 4th quarter. Teachers Advisors LLC now owns 157,257 shares of the oil and natural gas company’s stock worth $3,114,000 after acquiring an additional 29,228 shares during the last quarter. Institutional investors own 92.61% of the company’s stock.

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About Centennial Resource Development

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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