Centennial Resource Development (CDEV) Receives a Rating Update from a Top Analyst

KeyBanc analyst Leo Mariani maintained a Buy rating on Centennial Resource Development (CDEVResearch Report) today and set a price target of $11.00. The company’s shares closed last Thursday at $8.97, close to its 52-week high of $9.30.

According to TipRanks.com, Mariani is a top 100 analyst with an average return of 34.6% and a 66.1% success rate. Mariani covers the Utilities sector, focusing on stocks such as Whiting Petroleum Corporation, California Resources Corp, and Continental Resources.

Centennial Resource Development has an analyst consensus of Moderate Buy, with a price target consensus of $10.97, implying a 24.4% upside from current levels. In a report issued on April 1, Stifel Nicolaus also upgraded the stock to Buy with a $11.20 price target.

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Based on Centennial Resource Development’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $316 million and net profit of $161 million. In comparison, last year the company earned revenue of $148 million and had a GAAP net loss of $88.66 million.

Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling 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.

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