BidaskClub Downgrades Centennial Resource Development (CDEV) to Hold

Centennial Resource Development (NASDAQ:CDEV) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Thursday.

Several other equities research analysts have also recently commented on CDEV. Imperial Capital assumed coverage on shares of Centennial Resource Development in a research report on Friday, August 18th. They issued an “outperform” rating and a $22.00 price objective on the stock. Stifel Nicolaus set a $21.00 price objective on shares of Centennial Resource Development and gave the company a “buy” rating in a research report on Thursday, October 5th. 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. BMO Capital Markets set a $18.00 price objective on shares of Centennial Resource Development and gave the company a “hold” rating in a research report on Saturday, August 12th. Finally, Seaport Global Securities assumed coverage on shares of Centennial Resource Development in a research note on Thursday, September 28th. They issued a “neutral” rating and a $19.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Centennial Resource Development has a consensus rating of “Buy” and an average target price of $22.50.

Centennial Resource Development (NASDAQ:CDEV) opened at $18.87 on Thursday. Centennial Resource Development has a 52-week low of $14.10 and a 52-week high of $22.11. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Centennial Resource Development by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,773,597 shares of the oil and natural gas company’s stock valued at $122,979,000 after buying an additional 25,861 shares during the last quarter. BlackRock Inc. grew its stake in Centennial Resource Development by 175.1% in the 2nd quarter. BlackRock Inc. now owns 5,992,125 shares of the oil and natural gas company’s stock valued at $94,795,000 after buying an additional 3,814,249 shares during the last quarter. Magnetar Financial LLC acquired a new position in Centennial Resource Development in the 3rd quarter valued at about $72,858,000. State Street Corp grew its stake in Centennial Resource Development by 191.3% in the 2nd quarter. State Street Corp now owns 3,084,242 shares of the oil and natural gas company’s stock valued at $48,795,000 after buying an additional 2,025,288 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in Centennial Resource Development by 8.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,981,444 shares of the oil and natural gas company’s stock valued at $53,577,000 after buying an additional 227,753 shares during the last quarter. Institutional investors own 93.48% of the company’s stock.

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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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