Wells Fargo Remains a Hold on Centennial Resource Development (CDEV)


In a report released today, Thomas Hughes CFA from Wells Fargo maintained a Hold rating on Centennial Resource Development (CDEV). The company’s shares closed last Thursday at $0.82, close to its 52-week low of $0.24.

According to TipRanks.com, CFA has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -17.6% and a 21.1% success rate. CFA covers the Utilities 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 $1.30, which is a 57.2% upside from current levels. In a report issued on April 29, SunTrust Robinson also upgraded the stock to Hold.

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Based on Centennial Resource Development’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $193 million and GAAP net loss of $548 million. In comparison, last year the company earned revenue of $215 million and had a GAAP net loss of $8.11 million.

Based on the recent corporate insider activity of 49 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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