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Fly News Breaks for October 10, 2019
CDEV
Oct 10, 2019 | 07:34 EDT
As previously reported, Seaport Global analyst Mike Kelly downgraded Centennial Resource Development to Neutral from Buy. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess." On Centennial Resource specifically, he is concerned about a lack of free cash flow over the next two years and also sees leverage increasing in FY20. He also notes his expectation for a lack of organic growth.
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