Wells Fargo & Company cut shares of Centennial Resource Development (NASDAQ:CDEV) from an equal weight rating to an underweight rating in a research note published on Monday, Benzinga reports. They currently have $1.25 price objective on the oil and natural gas company’s stock, up from their previous price objective of $1.00.
Several other research analysts also recently commented on the stock. Royal Bank of Canada reiterated a hold rating and issued a $1.50 target price on shares of Centennial Resource Development in a report on Thursday, August 6th. BidaskClub downgraded shares of Centennial Resource Development from a buy rating to a hold rating in a report on Friday, June 12th. TD Securities dropped their target price on shares of Centennial Resource Development from $0.95 to $0.80 and set a reduce rating on the stock in a report on Wednesday, August 5th. Scotiabank boosted their price objective on shares of Centennial Resource Development to $0.80 and gave the stock a sector underperform rating in a report on Monday, July 13th. Finally, KeyCorp restated a buy rating and set a $2.00 price objective (up previously from $1.00) on shares of Centennial Resource Development in a report on Thursday, June 11th. Nine investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $2.14.
CDEV stock opened at $0.67 on Monday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.41. Centennial Resource Development has a 1 year low of $0.24 and a 1 year high of $5.75. The company has a fifty day simple moving average of $0.76 and a 200 day simple moving average of $0.85. The firm has a market cap of $185.72 million, a PE ratio of -0.34 and a beta of 6.77.
Centennial Resource Development (NASDAQ:CDEV) last announced its earnings results on Monday, August 3rd. The oil and natural gas company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.01). The firm had revenue of $90.51 million during the quarter, compared to the consensus estimate of $83.38 million. Centennial Resource Development had a negative return on equity of 3.91% and a negative net margin of 69.80%. As a group, analysts forecast that Centennial Resource Development will post -0.9 EPS for the current fiscal year.
In other news, CFO George S. Glyphis purchased 50,000 shares of Centennial Resource Development stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $0.57 per share, for a total transaction of $28,500.00. Following the completion of the transaction, the chief financial officer now directly owns 2,273,821 shares in the company, valued at $1,296,077.97. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders acquired 130,000 shares of company stock worth $81,450. Company insiders own 31.90% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CDEV. Tudor Investment Corp Et Al lifted its position in shares of Centennial Resource Development by 194.2% during the first quarter. Tudor Investment Corp Et Al now owns 93,551 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 61,756 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Centennial Resource Development during the second quarter worth approximately $26,000. Nomura Holdings Inc. acquired a new position in shares of Centennial Resource Development during the first quarter worth approximately $28,000. Rhumbline Advisers lifted its position in shares of Centennial Resource Development by 18.3% during the first quarter. Rhumbline Advisers now owns 207,165 shares of the oil and natural gas company’s stock worth $54,000 after purchasing an additional 32,082 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Centennial Resource Development by 8.5% during the first quarter. Wells Fargo & Company MN now owns 283,659 shares of the oil and natural gas company’s stock worth $74,000 after purchasing an additional 22,254 shares in the last quarter. Hedge funds and other institutional investors own 68.26% 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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