Centennial Res (NASDAQ:CDEV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” 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. “

A number of other equities research analysts have also issued reports on CDEV. Howard Weil started coverage on shares of Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 target price on the stock. Scotia Howard Weill started coverage on shares of Centennial Res in a research note on Friday, July 21st. They issued a “sector outperform” rating and a $21.00 target price on the stock. Scotiabank restated an “outperform” rating and issued a $21.00 target price on shares of Centennial Res in a research note on Saturday, July 22nd. J P Morgan Chase & Co started coverage on shares of Centennial Res in a research note on Tuesday, August 1st. They issued an “overweight” rating and a $19.00 target price on the stock. Finally, BMO Capital Markets set a $18.00 target price on shares of Centennial Res and gave the company a “hold” rating in a research note on Saturday, August 12th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Centennial Res presently has an average rating of “Buy” and a consensus price target of $22.43.

Centennial Res (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. The firm had revenue of $91.06 million during the quarter, compared to analysts’ expectations of $76.03 million.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Seven Bridges Advisors LLC raised its stake in Centennial Res by 16.8% during the second quarter. Seven Bridges Advisors LLC now owns 8,244 shares of the oil and natural gas company’s stock worth $130,000 after acquiring an additional 1,184 shares during the period. Royal Bank of Canada raised its stake in Centennial Res by 9.9% during the second quarter. Royal Bank of Canada now owns 9,179 shares of the oil and natural gas company’s stock worth $145,000 after acquiring an additional 830 shares during the period. Great West Life Assurance Co. Can acquired a new stake in Centennial Res during the second quarter worth about $158,000. Prudential Financial Inc. acquired a new stake in Centennial Res during the third quarter worth about $189,000. Finally, Cipher Capital LP acquired a new stake in Centennial Res during the second quarter worth about $182,000. Hedge funds and other institutional investors own 90.46% of the company’s stock.

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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Analyst Recommendations for Centennial Res (NASDAQ:CDEV)

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