Centennial Resource Development Inc (CDEV) Rating Lowered to Sell at Zacks Investment Research

Centennial Resource Development Inc (NASDAQ:CDEV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

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 research firms have also weighed in on CDEV. Stifel Nicolaus began coverage on Centennial Resource Development in a report on Wednesday. They set a “buy” rating and a $24.00 target price on the stock. Canaccord Genuity initiated coverage on Centennial Resource Development in a report on Monday, December 19th. They set a “buy” rating and a $25.00 target price on the stock. Wunderlich raised their price target on Centennial Resource Development from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, March 23rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $21.00 price target on shares of Centennial Resource Development in a research report on Monday, April 3rd. Finally, Tudor Pickering reaffirmed a “buy” rating and issued a $29.00 price target on shares of Centennial Resource Development in a research report on Thursday, March 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $24.33.

Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

Shares of Centennial Resource Development (NASDAQ:CDEV) traded down 1.35% during mid-day trading on Thursday, hitting $19.79. The stock had a trading volume of 1,505,728 shares. The stock’s market cap is $4.00 billion. The firm has a 50 day moving average of $18.48 and a 200 day moving average of $17.47. Centennial Resource Development has a one year low of $9.65 and a one year high of $20.97.

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Large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of Centennial Resource Development during the fourth quarter valued at about $2,094,000. Putnam Investments LLC purchased a new stake in Centennial Resource Development during the fourth quarter worth $9,556,000. Folger Hill Asset Management LP purchased a new stake in Centennial Resource Development during the fourth quarter worth $1,598,000. Orbis Allan Gray Ltd purchased a new stake in Centennial Resource Development during the fourth quarter worth $11,650,000. Finally, Marshall Wace LLP purchased a new stake in Centennial Resource Development during the fourth quarter worth $2,598,000. 67.45% of the stock is currently owned by institutional investors.

About Centennial Resource Development

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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