Centennial Resource Development (NASDAQ:CDEV) Downgraded by Seaport Global Securities to “Neutral”

Centennial Resource Development (NASDAQ:CDEV) was downgraded by equities research analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a report issued on Thursday, MarketBeat reports.

A number of other research firms also recently weighed in on CDEV. MKM Partners assumed coverage on shares of Centennial Resource Development in a research report on Wednesday, September 4th. They set a “buy” rating and a $7.00 target price for the company. TD Securities downgraded shares of Centennial Resource Development from a “buy” rating to a “hold” rating and decreased their target price for the company from $8.50 to $6.00 in a research report on Thursday, September 5th. Jefferies Financial Group downgraded shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. Bank of America set a $7.00 target price on shares of Centennial Resource Development and gave the company a “hold” rating in a research report on Tuesday, September 10th. Finally, ValuEngine raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $10.21.

NASDAQ:CDEV opened at $3.70 on Thursday. The company has a market capitalization of $1.02 billion, a PE ratio of 4.93, a P/E/G ratio of 7.23 and a beta of 1.97. The company has a 50 day simple moving average of $4.50 and a two-hundred day simple moving average of $7.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.53 and a current ratio of 0.53. Centennial Resource Development has a fifty-two week low of $3.55 and a fifty-two week high of $21.59.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $244.24 million for the quarter, compared to analyst estimates of $232.70 million. Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. Research analysts predict that Centennial Resource Development will post 0.28 EPS for the current year.

In other Centennial Resource Development news, CFO George S. Glyphis purchased 50,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the acquisition, the chief financial officer now owns 493,195 shares of the company’s stock, valued at $2,313,084.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 31.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the business. Earnest Partners LLC boosted its holdings in shares of Centennial Resource Development by 5.6% during the 2nd quarter. Earnest Partners LLC now owns 239,515 shares of the oil and natural gas company’s stock worth $1,818,000 after buying an additional 12,655 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Centennial Resource Development by 19.2% during the 2nd quarter. Swiss National Bank now owns 344,300 shares of the oil and natural gas company’s stock worth $2,613,000 after buying an additional 55,400 shares in the last quarter. Carroll Financial Associates Inc. boosted its holdings in shares of Centennial Resource Development by 895.5% during the 2nd quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 3,000 shares in the last quarter. Pinnacle Associates Ltd. boosted its holdings in shares of Centennial Resource Development by 46.2% during the 2nd quarter. Pinnacle Associates Ltd. now owns 17,100 shares of the oil and natural gas company’s stock worth $130,000 after buying an additional 5,400 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in shares of Centennial Resource Development by 35.1% during the 2nd quarter. Schroder Investment Management Group now owns 2,398,510 shares of the oil and natural gas company’s stock worth $18,204,000 after buying an additional 622,956 shares in the last quarter. Hedge funds and other institutional investors own 97.52% 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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