Centennial Resource Development Inc (CDEV) Expected to Post Earnings of $0.20 Per Share

Share on StockTwits

Wall Street analysts expect that Centennial Resource Development Inc (NASDAQ:CDEV) will announce earnings per share (EPS) of $0.20 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Centennial Resource Development’s earnings. The lowest EPS estimate is $0.17 and the highest is $0.22. Centennial Resource Development reported earnings per share of $0.06 during the same quarter last year, which suggests a positive year-over-year growth rate of 233.3%. The business is expected to report its next quarterly earnings results on Monday, November 5th.

According to Zacks, analysts expect that Centennial Resource Development will report full-year earnings of $0.92 per share for the current year, with EPS estimates ranging from $0.80 to $0.98. For the next fiscal year, analysts forecast that the company will report earnings of $1.31 per share, with EPS estimates ranging from $1.03 to $1.93. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that cover Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The company had revenue of $217.76 million during the quarter, compared to analysts’ expectations of $220.58 million. During the same period in the prior year, the business earned $0.09 earnings per share. Centennial Resource Development’s revenue for the quarter was up 139.1% compared to the same quarter last year.

Several equities research analysts have recently weighed in on CDEV shares. BidaskClub raised Centennial Resource Development from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. SunTrust Banks raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Friday, September 7th. Barclays started coverage on Centennial Resource Development in a research report on Wednesday, August 29th. They issued an “overweight” rating and a $24.00 price objective for the company. Jefferies Financial Group began coverage on Centennial Resource Development in a research report on Thursday, August 23rd. They issued a “buy” rating and a $23.00 price objective for the company. Finally, Susquehanna Bancshares began coverage on Centennial Resource Development in a research report on Wednesday, July 11th. They issued a “neutral” rating and a $21.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Centennial Resource Development has an average rating of “Buy” and a consensus price target of $24.74.

Shares of CDEV traded down $0.35 during mid-day trading on Friday, hitting $20.41. The company’s stock had a trading volume of 971,574 shares, compared to its average volume of 2,316,963. Centennial Resource Development has a one year low of $15.78 and a one year high of $23.12. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 72.89 and a beta of 1.30.

A number of hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas lifted its holdings in shares of Centennial Resource Development by 9.8% during the second quarter. Teacher Retirement System of Texas now owns 31,706 shares of the oil and natural gas company’s stock valued at $573,000 after acquiring an additional 2,836 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Centennial Resource Development by 35.1% during the first quarter. Commonwealth Equity Services LLC now owns 15,278 shares of the oil and natural gas company’s stock valued at $280,000 after acquiring an additional 3,972 shares during the period. Mutual of America Capital Management LLC lifted its holdings in shares of Centennial Resource Development by 18.8% during the second quarter. Mutual of America Capital Management LLC now owns 27,427 shares of the oil and natural gas company’s stock valued at $495,000 after acquiring an additional 4,350 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Centennial Resource Development by 43.8% during the second quarter. Great West Life Assurance Co. Can now owns 14,378 shares of the oil and natural gas company’s stock valued at $260,000 after acquiring an additional 4,378 shares during the period. Finally, State of Wisconsin Investment Board lifted its holdings in shares of Centennial Resource Development by 14.5% during the second quarter. State of Wisconsin Investment Board now owns 35,799 shares of the oil and natural gas company’s stock valued at $647,000 after acquiring an additional 4,537 shares during the period. 94.39% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: Do You Need a Fiduciary?

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

Earnings History and Estimates for Centennial Resource Development (NASDAQ:CDEV)

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.

Leave a Reply