Equities analysts forecast that Centennial Resource Development Inc (NASDAQ:CDEV) will post $216.36 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Centennial Resource Development’s earnings, with estimates ranging from $202.56 million to $231.22 million. Centennial Resource Development posted sales of $215.90 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.2%. The company is expected to report its next quarterly earnings report after the market closes on Monday, May 6th.
According to Zacks, analysts expect that Centennial Resource Development will report full year sales of $921.16 million for the current year, with estimates ranging from $850.00 million to $977.00 million. For the next fiscal year, analysts anticipate that the business will post sales of $1.10 billion, with estimates ranging from $929.00 million to $1.32 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Centennial Resource Development.
Centennial Resource Development (NASDAQ:CDEV) last posted its earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The business had revenue of $222.50 million during the quarter, compared to analyst estimates of $238.16 million. Centennial Resource Development had a return on equity of 6.51% and a net margin of 22.43%. The business’s revenue was up 34.0% on a year-over-year basis.
CDEV has been the subject of several analyst reports. BMO Capital Markets lowered shares of Centennial Resource Development from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $20.00 to $10.00 in a research note on Tuesday, February 26th. ValuEngine upgraded shares of Centennial Resource Development from a “strong sell” rating to a “sell” rating in a research note on Wednesday, March 20th. Bank of America set a $15.00 price objective on shares of Centennial Resource Development and gave the company a “hold” rating in a research note on Tuesday, February 26th. Guggenheim set a $25.00 price objective on shares of Centennial Resource Development and gave the company a “buy” rating in a research note on Sunday, December 30th. Finally, Barclays lowered shares of Centennial Resource Development from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $22.00 to $14.00 in a research note on Wednesday, January 16th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Centennial Resource Development presently has an average rating of “Hold” and an average target price of $18.75.
NASDAQ:CDEV opened at $10.31 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.74 and a beta of 1.83. Centennial Resource Development has a 52 week low of $8.28 and a 52 week high of $23.12.
Several institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC boosted its holdings in Centennial Resource Development by 158.7% in the 4th quarter. Penserra Capital Management LLC now owns 3,136 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 1,924 shares during the period. Quantamental Technologies LLC bought a new position in Centennial Resource Development in the 4th quarter worth approximately $37,000. Ffcm LLC bought a new position in Centennial Resource Development in the 4th quarter worth approximately $100,000. Principal Financial Group Inc. bought a new position in Centennial Resource Development in the 4th quarter worth approximately $117,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in Centennial Resource Development by 11.3% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 12,100 shares of the oil and natural gas company’s stock worth $133,000 after buying an additional 1,224 shares during the period.
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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