Equities research analysts expect Centennial Resource Development Inc (NASDAQ:CDEV) to announce sales of $233.80 million for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Centennial Resource Development’s earnings. The highest sales estimate is $257.00 million and the lowest is $216.28 million. Centennial Resource Development posted sales of $234.88 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.5%. The business is expected to report its next quarterly earnings report on Monday, November 4th.
On average, analysts expect that Centennial Resource Development will report full-year sales of $933.55 million for the current fiscal year, with estimates ranging from $888.46 million to $971.20 million. For the next fiscal year, analysts anticipate that the company will post sales of $1.05 billion, with estimates ranging from $923.00 million to $1.23 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Centennial Resource Development.
Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. The business had revenue of $244.24 million for the quarter, compared to analysts’ expectations of $232.70 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year.
Several equities analysts recently issued reports on the company. Piper Jaffray Companies assumed coverage on Centennial Resource Development in a research note on Monday, July 8th. They set a “neutral” rating and a $8.00 target price on the stock. Wells Fargo & Co assumed coverage on Centennial Resource Development in a research note on Monday, May 20th. They set a “market perform” rating and a $12.00 target price on the stock. ValuEngine lowered Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. lowered Centennial Resource Development from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, June 7th. Finally, Royal Bank of Canada set a $10.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $14.09.
CDEV traded up $0.32 during mid-day trading on Monday, hitting $4.28. 7,187,400 shares of the stock were exchanged, compared to its average volume of 5,695,045. The firm’s fifty day moving average is $6.11 and its two-hundred day moving average is $8.73. Centennial Resource Development has a 1-year low of $3.92 and a 1-year high of $23.12. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.27. The company has a market cap of $1.13 billion, a PE ratio of 5.71, a PEG ratio of 6.91 and a beta of 1.90.
In related news, CFO George S. Glyphis purchased 50,000 shares of Centennial Resource Development stock in a transaction on Friday, August 9th. The shares were bought at an average price of $4.69 per share, with a total value of $234,500.00. Following the transaction, the chief financial officer now directly owns 493,195 shares of the company’s stock, valued at $2,313,084.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.30% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of CDEV. Verition Fund Management LLC purchased a new position in shares of Centennial Resource Development in the 2nd quarter valued at approximately $79,000. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Centennial Resource Development by 1,433.1% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock valued at $175,000 after purchasing an additional 21,496 shares during the last quarter. Voloridge Investment Management LLC grew its stake in shares of Centennial Resource Development by 24.8% in the 2nd quarter. Voloridge Investment Management LLC now owns 292,862 shares of the oil and natural gas company’s stock valued at $2,223,000 after purchasing an additional 58,105 shares during the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Centennial Resource Development in the 2nd quarter valued at approximately $5,066,000. Finally, Jane Street Group LLC acquired a new stake in shares of Centennial Resource Development in the 2nd quarter valued at approximately $150,000. 99.64% of the stock is currently owned by institutional investors.
About Centennial Resource Development
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.
Featured Article: Front-End Load
Get a free copy of the Zacks research report on Centennial Resource Development (CDEV)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Centennial Resource Development Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Resource Development and related companies with MarketBeat.com's FREE daily email newsletter.