Centennial Resource Development (CDEV) Receives a Hold from Wells Fargo
Wells Fargo analyst Thomas Hughes CFA maintained a Hold rating on Centennial Resource Development (CDEV) yesterday. The company’s shares closed last Monday at $0.30, close to its 52-week low of $0.25.
According to TipRanks.com, CFA is ranked 0 out of 5 stars with an average return of -37.9% and a 0.0% success rate. CFA covers the Basic Materials sector, focusing on stocks such as Matador Resources, Whiting Petroleum, and Oasis Petroleum.
Currently, the analyst consensus on Centennial Resource Development is a Moderate Sell with an average price target of $2.73, representing a 753.1% upside. In a report issued on March 9, RBC Capital also downgraded the stock to Hold with a $2.50 price target.
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Centennial Resource Development’s market cap is currently $94.47M and has a P/E ratio of 5.09. The company has a Price to Book ratio of 0.03.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDEV in relation to earlier this year.
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Centennial Resource Development, Inc. operates as oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded in October 2014 and is headquartered in Denver, CO.