SunTrust Banks Lowers Centennial Resource Development (NASDAQ:CDEV) to Hold

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SunTrust Banks cut shares of Centennial Resource Development (NASDAQ:CDEV) from a buy rating to a hold rating in a report issued on Monday morning, Briefing.com Automated Import reports. SunTrust Banks also issued estimates for Centennial Resource Development’s Q2 2019 earnings at $0.10 EPS, Q3 2019 earnings at $0.06 EPS, Q4 2019 earnings at $0.11 EPS, FY2019 earnings at $0.36 EPS, Q1 2020 earnings at $0.14 EPS, Q2 2020 earnings at $0.14 EPS, Q3 2020 earnings at $0.14 EPS, Q4 2020 earnings at $0.15 EPS, FY2020 earnings at $0.57 EPS, Q1 2021 earnings at $0.14 EPS, Q2 2021 earnings at $0.14 EPS and FY2021 earnings at $0.58 EPS.

Other equities analysts also recently issued research reports about the company. TheStreet upgraded Tupperware Brands from a d+ rating to a c rating in a research note on Friday, March 15th. Johnson Rice downgraded Centennial Resource Development from a buy rating to an accumulate rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. lifted their price target on Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the company a neutral rating in a research note on Friday, June 7th. Barclays reiterated a sell rating on shares of RenaissanceRe in a research note on Tuesday, July 2nd. Finally, Wells Fargo & Co downgraded Occidental Petroleum from an outperform rating to a market perform rating in a research note on Monday, May 20th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $16.82.

CDEV stock opened at $7.40 on Monday. The firm has a market cap of $2.08 billion, a P/E ratio of 9.87, a P/E/G ratio of 2.57 and a beta of 1.92. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.78 and a quick ratio of 0.78. Centennial Resource Development has a 52-week low of $6.22 and a 52-week high of $23.12. The company’s 50-day moving average is $7.51.

Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, May 6th. The oil and natural gas company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $214.57 million during the quarter, compared to the consensus estimate of $211.08 million. Centennial Resource Development had a return on equity of 5.04% and a net margin of 14.13%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS. Equities research analysts expect that Centennial Resource Development will post 0.44 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the business. Carroll Financial Associates Inc. lifted its position in shares of Centennial Resource Development by 895.5% during the 2nd quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 3,000 shares in the last quarter. Hilton Capital Management LLC bought a new stake in shares of Centennial Resource Development in the 1st quarter worth approximately $47,000. Bank of Montreal Can raised its holdings in shares of Centennial Resource Development by 7,891.2% in the 1st quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock worth $72,000 after purchasing an additional 8,049 shares during the period. Twin Tree Management LP raised its holdings in shares of Centennial Resource Development by 6,540.4% in the 1st quarter. Twin Tree Management LP now owns 9,031 shares of the oil and natural gas company’s stock worth $79,000 after purchasing an additional 8,895 shares during the period. Finally, Pinnacle Associates Ltd. bought a new stake in shares of Centennial Resource Development in the 1st quarter worth approximately $103,000. 99.39% of the stock is currently owned by hedge funds and other institutional investors.

Centennial Resource Development Company Profile

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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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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