Centennial Resource Development (NASDAQ:CDEV) Lowered to “Sell” at Zacks Investment Research

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Centennial Resource Development (NASDAQ:CDEV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

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. “

Other equities analysts have also issued research reports about the company. Piper Jaffray Companies set a $92.00 price objective on Wintrust Financial and gave the company a “buy” rating in a research note on Monday, July 8th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. TD Securities reduced their price target on shares of Great Canadian Gaming from C$62.00 to C$56.00 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. BidaskClub raised Zai Lab from a “sell” rating to a “hold” rating in a research report on Wednesday, June 5th. Finally, Barclays reissued a “sell” rating on shares of RenaissanceRe in a research report on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Centennial Resource Development currently has an average rating of “Hold” and an average target price of $16.82.

Shares of NASDAQ CDEV traded up $0.16 during midday trading on Tuesday, hitting $6.25. The company’s stock had a trading volume of 3,259,131 shares, compared to its average volume of 3,565,747. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $7.13. Centennial Resource Development has a 12-month low of $5.93 and a 12-month high of $23.12. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.33, a P/E/G ratio of 8.91 and a beta of 1.93.

Centennial Resource Development (NASDAQ:CDEV) last announced its earnings results on Monday, May 6th. The oil and natural gas company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $214.57 million for the quarter, compared to analysts’ expectations of $211.08 million. Centennial Resource Development had a return on equity of 5.04% and a net margin of 14.13%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. As a group, research analysts expect that Centennial Resource Development will post 0.39 EPS for the current year.

Several institutional investors have recently modified their holdings of CDEV. Prudential Financial Inc. raised its stake in Centennial Resource Development by 142.6% during the 4th quarter. Prudential Financial Inc. now owns 35,900 shares of the oil and natural gas company’s stock valued at $396,000 after purchasing an additional 21,100 shares during the last quarter. BlackRock Inc. grew its holdings in Centennial Resource Development by 7.2% during the 4th quarter. BlackRock Inc. now owns 8,453,179 shares of the oil and natural gas company’s stock worth $93,155,000 after acquiring an additional 568,155 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Centennial Resource Development by 19.2% during the 4th quarter. Bank of New York Mellon Corp now owns 825,853 shares of the oil and natural gas company’s stock worth $9,101,000 after acquiring an additional 132,873 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Centennial Resource Development by 1.0% in the 4th quarter. Northern Trust Corp now owns 1,130,234 shares of the oil and natural gas company’s stock valued at $12,454,000 after purchasing an additional 10,814 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Centennial Resource Development by 27.0% in the 4th quarter. Great West Life Assurance Co. Can now owns 18,257 shares of the oil and natural gas company’s stock valued at $194,000 after purchasing an additional 3,879 shares during the last quarter. Institutional investors and hedge funds own 99.38% 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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