Centennial Res (CDEV) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Centennial Res (NASDAQ:CDEV) from a hold rating to a sell rating in a research note published on Tuesday, July 4th.
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 equities analysts also recently commented on CDEV. Wunderlich upped their price objective on shares of Centennial Res from $24.00 to $28.00 and gave the company a buy rating in a report on Thursday, March 23rd. Canaccord Genuity decreased their price objective on shares of Centennial Res from $25.00 to $24.00 and set a buy rating on the stock in a report on Monday, March 27th. Tudor Pickering reissued a buy rating and issued a $29.00 target price on shares of Centennial Res in a research report on Thursday, March 30th. BMO Capital Markets reissued a market perform rating and issued a $21.00 target price on shares of Centennial Res in a research report on Monday, April 3rd. Finally, Stifel Nicolaus began coverage on shares of Centennial Res in a research report on Wednesday, April 12th. They issued a buy rating and a $24.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $22.09.
Centennial Res (CDEV) traded up 1.74% during mid-day trading on Tuesday, hitting $15.75. 1,947,841 shares of the company traded hands. The company’s 50-day moving average is $15.60 and its 200-day moving average is $17.09. Centennial Res has a one year low of $11.08 and a one year high of $20.97. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 228.26 and a beta of 2.14.
In other Centennial Res news, CFO George S. Glyphis bought 10,000 shares of Centennial Res stock in a transaction dated Tuesday, June 6th. The stock was bought at an average price of $15.02 per share, with a total value of $150,200.00. Following the completion of the transaction, the chief financial officer now owns 20,490 shares in the company, valued at approximately $307,759.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 44.70% of the company’s stock.
Large investors have recently bought and sold shares of the company. Seven Bridges Advisors LLC boosted its stake in Centennial Res by 16.8% in the second quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock valued at $130,000 after buying an additional 1,184 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in Centennial Res during the second quarter valued at $158,000. Comerica Bank purchased a new stake in Centennial Res during the second quarter valued at $184,000. Washington Trust Bank purchased a new stake in Centennial Res during the first quarter valued at $224,000. Finally, Marshall Wace North America L.P. purchased a new stake in Centennial Res during the second quarter valued at $200,000.
Centennial Res 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.
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