Centennial Resource Development (NASDAQ:CDEV) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

CDEV has been the topic of a number of other research reports. UBS Group assumed coverage on shares of Centennial Resource Development in a research report on Wednesday, March 7th. They issued a “buy” rating and a $24.00 price objective on the stock. Zacks Investment Research raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $23.00 price objective on the stock in a research report on Monday, January 29th. Citigroup cut their price objective on shares of Centennial Resource Development from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, February 13th. Deutsche Bank began coverage on shares of Centennial Resource Development in a research report on Thursday, February 1st. They issued a “buy” rating and a $26.00 price objective on the stock. Finally, Guggenheim began coverage on shares of Centennial Resource Development in a report on Monday, January 29th. They set a “buy” rating and a $29.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company. Centennial Resource Development presently has an average rating of “Buy” and a consensus price target of $24.16.

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Shares of Centennial Resource Development (CDEV) opened at $18.06 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.13. The company has a market cap of $4,985.08, a price-to-earnings ratio of 64.50, a PEG ratio of 0.55 and a beta of 1.56. Centennial Resource Development has a 1 year low of $14.10 and a 1 year high of $22.14.

In related news, Director Us Centennial Holdings Ll Rel sold 21,505,417 shares of the business’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $19.50, for a total transaction of $419,355,631.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 44.70% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in CDEV. Magnetar Financial LLC acquired a new position in shares of Centennial Resource Development in the third quarter valued at $72,858,000. Goldman Sachs Group Inc. increased its holdings in shares of Centennial Resource Development by 220.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,208,931 shares of the oil and natural gas company’s stock valued at $63,536,000 after purchasing an additional 2,207,300 shares during the last quarter. Tide Point Capital Management LP acquired a new position in shares of Centennial Resource Development in the fourth quarter valued at $35,767,000. CDAM UK Ltd acquired a new position in shares of Centennial Resource Development in the fourth quarter valued at $26,507,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Centennial Resource Development in the fourth quarter valued at $15,475,000. Hedge funds and other institutional investors own 92.61% of the company’s stock.

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Centennial Resource Development 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.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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