Centennial Resource Development (NASDAQ:CDEV) issued its quarterly earnings results on Monday. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04), Fidelity Earnings reports. The firm had revenue of $234.88 million during the quarter, compared to analyst estimates of $239.43 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The firm’s revenue was up 110.4% compared to the same quarter last year.
Shares of Centennial Resource Development stock traded down $0.85 during trading hours on Tuesday, hitting $19.33. The company’s stock had a trading volume of 2,591,754 shares, compared to its average volume of 1,966,378. Centennial Resource Development has a twelve month low of $15.78 and a twelve month high of $23.12. The firm has a market cap of $5.40 billion, a PE ratio of 69.04 and a beta of 1.51. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.13.
A number of research firms have weighed in on CDEV. BidaskClub raised Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Thursday, August 9th. TheStreet raised Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. Susquehanna Bancshares began coverage on Centennial Resource Development in a research note on Wednesday, July 11th. They set a “neutral” rating and a $21.00 price objective on the stock. Royal Bank of Canada reissued a “buy” rating and set a $28.00 price objective on shares of Centennial Resource Development in a research note on Friday, July 13th. Finally, Barclays began coverage on Centennial Resource Development in a research note on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $24.74.
Institutional investors have recently made changes to their positions in the company. Cerebellum GP LLC acquired a new position in shares of Centennial Resource Development in the 2nd quarter valued at $161,000. Confluence Investment Management LLC acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at $208,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Centennial Resource Development in the 2nd quarter valued at $172,000. CIBC Asset Management Inc acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at $214,000. Finally, US Bancorp DE acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at $239,000. 94.31% of the stock is currently owned by institutional investors and hedge funds.
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Centennial Resource Development Company Profile
Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.
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