ValuEngine Downgrades Centennial Resource Development (CDEV) to Sell

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

Several other analysts have also recently issued reports on CDEV. TheStreet raised shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. Zacks Investment Research cut shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. BidaskClub raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. Royal Bank of Canada reissued a “buy” rating and set a $28.00 price objective on shares of Centennial Resource Development in a research note on Friday, July 13th. Finally, KLR Group reissued a “buy” rating and set a $29.00 price objective on shares of Centennial Resource Development in a research note on Monday, August 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Centennial Resource Development currently has a consensus rating of “Buy” and a consensus price target of $24.89.

CDEV stock opened at $18.54 on Thursday. The company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 66.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.79 and a quick ratio of 0.89. Centennial Resource Development has a one year low of $15.78 and a one year high of $23.12.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The company had revenue of $234.88 million for the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development’s revenue was up 110.4% on a year-over-year basis. As a group, sell-side analysts expect that Centennial Resource Development will post 0.92 EPS for the current year.

Several large investors have recently bought and sold shares of CDEV. FMR LLC lifted its holdings in shares of Centennial Resource Development by 27.0% during the 3rd quarter. FMR LLC now owns 39,567,873 shares of the oil and natural gas company’s stock valued at $864,558,000 after acquiring an additional 8,410,700 shares in the last quarter. Frontier Capital Management Co. LLC acquired a new position in shares of Centennial Resource Development during the 2nd quarter valued at $81,270,000. OppenheimerFunds Inc. acquired a new position in shares of Centennial Resource Development during the 2nd quarter valued at $23,479,000. BlackRock Inc. lifted its holdings in shares of Centennial Resource Development by 13.1% during the 2nd quarter. BlackRock Inc. now owns 7,488,572 shares of the oil and natural gas company’s stock valued at $135,243,000 after acquiring an additional 866,574 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Centennial Resource Development by 42.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,556,854 shares of the oil and natural gas company’s stock valued at $46,183,000 after acquiring an additional 757,987 shares in the last quarter. Institutional investors and hedge funds own 94.31% 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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