Penny Stocks On Robinhood #3: Centennial Resource Development
What list of penny stocks on Robinhood would be complete right now without an oil and gas penny stock? Centennial Resource Development, Inc.(CDEV Stock Report) operates as oil and natural gas company focusing on unconventional oil and liquids-rich natural gas reserves in the Permian Basin.
CDEV stock took off on Tuesday, just one day after WTI prices went negative. On top of that, analysts at Scotiabank just downgraded the oil and gas penny stock this month to “Sector Underperform”. It also cut the price target on the penny stock to $0.40 from $6. So why would anyone be optimistic about CDEV stock, let alone any oil and gas stocks? The simple answer: President Trump.
President Donald Trump said Tuesday morning that he has told the Energy and Treasury Secretaries to create a bailout plan for the U.S. oil and gas industry. “These very important companies and jobs will be secured long into the future!” he wrote on Twitter. But the biggest question now is how long will this sentiment last? As we’ve seen with many “potential plans,” there is much more red tape than initially expected. However, in light of these recent developments, shares of oil and gas penny stocks like CDEV are jumping on April 21.
