Centennial Resource Development (NASDAQ:CDEV) Downgraded by BidaskClub

BidaskClub cut shares of Centennial Resource Development (NASDAQ:CDEV) from a sell rating to a strong sell rating in a research report released on Tuesday morning, BidAskClub reports.

CDEV has been the subject of several other reports. KeyCorp upped their price objective on shares of Centennial Resource Development from $5.00 to $6.00 and gave the company an overweight rating in a research note on Thursday, January 23rd. Barclays downgraded shares of Centennial Resource Development from an overweight rating to an equal weight rating and lowered their price objective for the company from $6.00 to $3.00 in a research note on Friday, December 6th. ValuEngine raised shares of Centennial Resource Development from a sell rating to a hold rating in a research note on Tuesday, December 3rd. Finally, SunTrust Banks downgraded shares of Centennial Resource Development from a buy rating to a hold rating and set a $5.00 price objective for the company. in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $8.28.

Shares of NASDAQ:CDEV opened at $2.64 on Tuesday. The company has a market cap of $779.03 million, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 0.69 and a beta of 2.11. The company has a 50-day moving average price of $3.90 and a 200-day moving average price of $4.05. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.31. Centennial Resource Development has a 12 month low of $2.62 and a 12 month high of $13.21.

In related news, CFO George S. Glyphis purchased 30,000 shares of Centennial Resource Development stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $3.10 per share, for a total transaction of $93,000.00. Following the completion of the transaction, the chief financial officer now directly owns 538,195 shares of the company’s stock, valued at $1,668,404.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 31.30% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. increased its position in shares of Centennial Resource Development by 3.0% during the third quarter. Whittier Trust Co. now owns 111,977 shares of the oil and natural gas company’s stock valued at $505,000 after buying an additional 3,301 shares during the period. Whittier Trust Co. of Nevada Inc. grew its holdings in Centennial Resource Development by 18.7% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 22,199 shares of the oil and natural gas company’s stock worth $100,000 after purchasing an additional 3,491 shares during the period. Cutler Group LP grew its holdings in Centennial Resource Development by 209.1% in the fourth quarter. Cutler Group LP now owns 5,543 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 3,750 shares during the period. State of Tennessee Treasury Department grew its holdings in Centennial Resource Development by 4.4% in the third quarter. State of Tennessee Treasury Department now owns 95,692 shares of the oil and natural gas company’s stock worth $432,000 after purchasing an additional 4,014 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in Centennial Resource Development by 143.7% in the fourth quarter. Meeder Asset Management Inc. now owns 9,260 shares of the oil and natural gas company’s stock worth $43,000 after purchasing an additional 5,461 shares during the period.

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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