Fly News Breaks for September 5, 2019
Sep 5, 2019 | 07:18 EDT
As previously reported, TD Securities downgraded Centennial Resource Development to Hold from Buy. Analyst Menno Hulshof believes Centennial's ability to generate free cash flow will "prove elusive" in a range-bound oil price environment while noting that the market has begun emphasizing free cash flow and is no longer paying for growth. The CEO recently acknowledged that Centennial's high-growth model is challenged at current WTI prices and that cash flow neutrality was unlikely to be achieved in 2020, noted Hulshof, who cut his price target on the stock to $6 from $8.50.
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