In a report released yesterday, Thomas Hughes CFA from Wells Fargo downgraded Centennial Resource Development (CDEV) to Sell. The company’s shares closed last Thursday at $0.70, close to its 52-week low of $0.24.
According to TipRanks.com, CFA ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -9.3% and a 36.7% success rate. CFA covers the Utilities sector, focusing on stocks such as Whiting Petroleum Corporation, Northern Oil And Gas, and Matador Resources.
Currently, the analyst consensus on Centennial Resource Development is a Hold with an average price target of $0.86.
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Based on Centennial Resource Development’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $149 million and GAAP net loss of $51.53 million. In comparison, last year the company earned revenue of $229 million and had a GAAP net loss of $3.59 million.
Based on the recent corporate insider activity of 59 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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Silver Run Acquisition Corporation operates as a special purpose acquisition company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. Silver Run Acquisition focuses on acquiring a target business in the energy industry.
