Equities analysts expect that Centennial Resource Development Inc (NASDAQ:CDEV) will post $0.06 earnings per share for the current quarter, Zacks reports. Eight analysts have made estimates for Centennial Resource Development’s earnings, with the highest EPS estimate coming in at $0.14 and the lowest estimate coming in at $0.01. Centennial Resource Development reported earnings per share of $0.18 in the same quarter last year, which suggests a negative year-over-year growth rate of 66.7%. The business is expected to issue its next quarterly earnings report on Monday, November 4th.
According to Zacks, analysts expect that Centennial Resource Development will report full year earnings of $0.32 per share for the current fiscal year, with EPS estimates ranging from $0.06 to $0.56. For the next year, analysts anticipate that the company will report earnings of $0.46 per share, with EPS estimates ranging from $0.17 to $0.99. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Centennial Resource Development.
Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings data 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 net margin of 8.74% and a return on equity of 3.66%. The company had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. During the same quarter in the previous year, the business earned $0.24 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year.
CDEV has been the subject of several recent research reports. Royal Bank of Canada set a $10.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a report on Wednesday, August 7th. TD Securities reduced their price target on shares of Centennial Resource Development from $10.00 to $8.50 and set a “buy” rating for the company in a report on Tuesday, August 6th. ValuEngine lowered shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Jefferies Financial Group lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Monday, July 15th. Finally, Wells Fargo & Co initiated coverage on shares of Centennial Resource Development in a report on Monday, May 20th. They issued a “market perform” rating and a $12.00 price target for the company. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Centennial Resource Development currently has a consensus rating of “Hold” and a consensus target price of $14.09.
In other news, CFO George S. Glyphis acquired 50,000 shares of Centennial Resource Development stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $234,500.00. Following the purchase, the chief financial officer now directly owns 493,195 shares in the company, valued at approximately $2,313,084.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 31.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Verition Fund Management LLC purchased a new stake in Centennial Resource Development during the second quarter worth $79,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Centennial Resource Development by 1,433.1% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock worth $175,000 after buying an additional 21,496 shares in the last quarter. Voloridge Investment Management LLC boosted its holdings in Centennial Resource Development by 24.8% during the second quarter. Voloridge Investment Management LLC now owns 292,862 shares of the oil and natural gas company’s stock worth $2,223,000 after buying an additional 58,105 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Centennial Resource Development during the second quarter worth $5,066,000. Finally, Jane Street Group LLC purchased a new stake in Centennial Resource Development during the second quarter worth $150,000. Hedge funds and other institutional investors own 99.64% of the company’s stock.
CDEV traded up $0.32 on Friday, reaching $4.28. 7,187,400 shares of the company traded hands, compared to its average volume of 5,695,045. Centennial Resource Development has a one year low of $3.92 and a one year high of $23.12. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.27. The company has a market cap of $1.13 billion, a P/E ratio of 5.71, a price-to-earnings-growth ratio of 6.91 and a beta of 1.90. The firm has a fifty day simple moving average of $6.11 and a two-hundred day simple moving average of $8.73.
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.
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