Centennial Resource Development (CDEV) Gets a Hold Rating from Wells Fargo

By Austin Angelo

In a report released today, Thomas Hughes CFA from Wells Fargo maintained a Hold rating on Centennial Resource Development (CDEVResearch Report). The company’s shares closed last Wednesday at $0.98, close to its 52-week low of $0.24.

According to TipRanks.com, CFA is ranked 0 out of 5 stars with an average return of -20.0% and a 28.6% success rate. CFA covers the Utilities sector, focusing on stocks such as Matador Resources, Oasis Petroleum, and Berry Petroleum.

The word on The Street in general, suggests a Hold analyst consensus rating for Centennial Resource Development with a $1.67 average price target.

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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 57 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.