Seaport Global Securities Comments on Centennial Resource Development Inc’s Q4 2018 Earnings (CDEV)

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Centennial Resource Development Inc (NASDAQ:CDEV) – Investment analysts at Seaport Global Securities lifted their Q4 2018 earnings per share (EPS) estimates for Centennial Resource Development in a research report issued on Tuesday, November 6th. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings per share of $0.20 for the quarter, up from their prior forecast of $0.19. Seaport Global Securities also issued estimates for Centennial Resource Development’s Q1 2019 earnings at $0.17 EPS, Q2 2019 earnings at $0.20 EPS, Q3 2019 earnings at $0.30 EPS, Q4 2019 earnings at $0.36 EPS and FY2019 earnings at $1.04 EPS.

Several other brokerages have also issued reports on CDEV. Zacks Investment Research upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Tuesday, October 9th. Royal Bank of Canada set a $30.00 price objective on shares of Centennial Resource Development and gave the company a “buy” rating in a report on Monday, October 1st. BidaskClub lowered shares of Centennial Resource Development from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. TheStreet upgraded shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. Finally, SunTrust Banks upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Friday, September 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Centennial Resource Development has a consensus rating of “Buy” and a consensus target price of $24.89.

Shares of CDEV opened at $18.54 on Thursday. The stock has a market capitalization of $5.47 billion, a P/E ratio of 66.21 and a beta of 1.51. Centennial Resource Development has a 12-month low of $15.78 and a 12-month high of $23.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.79.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The company had revenue of $234.88 million during the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. The business’s quarterly revenue was up 110.4% on a year-over-year basis.

Large investors have recently modified their holdings of the business. First Interstate Bank purchased a new stake in Centennial Resource Development during the third quarter worth about $133,000. Confluence Investment Management LLC acquired a new position in shares of Centennial Resource Development during the third quarter worth about $208,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Centennial Resource Development during the second quarter worth about $172,000. CIBC Asset Management Inc acquired a new position in shares of Centennial Resource Development during the third quarter worth about $214,000. Finally, US Bancorp DE acquired a new position in shares of Centennial Resource Development during the third quarter worth about $239,000. Institutional investors own 94.31% of the company’s stock.

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

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