Zacks Investment Research cut shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a report published on Friday.

According to Zacks, “Centennial Resource Development, Inc. is an oil and natural gas company. It focuses on the development and acquisition of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. Centennial Resource Development Inc., is formerly known as Silver Run Acquisition Corporation, is headquatered in Denver, Colorado. “

Several other analysts also recently issued reports on CDEV. Royal Bank of Canada reiterated a buy rating and issued a $28.00 price target on shares of Centennial Resource Development in a report on Friday, July 13th. BidaskClub downgraded Centennial Resource Development from a hold rating to a sell rating in a research note on Wednesday, July 25th. KLR Group restated a buy rating and set a $29.00 target price on shares of Centennial Resource Development in a research note on Monday, August 20th. Jefferies Financial Group began coverage on Centennial Resource Development in a research note on Thursday, August 23rd. They set a buy rating and a $23.00 target price for the company. Finally, Barclays began coverage on Centennial Resource Development in a research note on Wednesday, August 29th. They set an overweight rating and a $24.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $24.89.

NASDAQ CDEV traded up $0.09 during trading hours on Friday, hitting $18.54. The company had a trading volume of 4,034,958 shares, compared to its average volume of 2,192,055. Centennial Resource Development has a fifty-two week low of $15.78 and a fifty-two week high of $23.12. The company has a market cap of $5.47 billion, a P/E ratio of 66.21 and a beta of 1.51. The company has a current ratio of 0.79, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the 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 during the quarter, compared to analyst estimates of $239.43 million. The company’s quarterly revenue was up 110.4% on a year-over-year basis. On average, sell-side analysts forecast that Centennial Resource Development will post 0.92 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in CDEV. First Interstate Bank bought a new position in shares of Centennial Resource Development during the third quarter worth about $133,000. Confluence Investment Management LLC bought a new position in shares of Centennial Resource Development during the third quarter worth about $208,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Centennial Resource Development during the second quarter worth about $172,000. CIBC Asset Management Inc bought a new position in shares of Centennial Resource Development during the third quarter worth about $214,000. Finally, US Bancorp DE bought a new position in shares of Centennial Resource Development during the third quarter worth about $239,000. Institutional investors 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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