Analysts Expect Centennial Resource Development Inc (CDEV) Will Post Earnings of $0.22 Per Share

Equities research analysts expect Centennial Resource Development Inc (NASDAQ:CDEV) to announce earnings per share of $0.22 for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Centennial Resource Development’s earnings, with the lowest EPS estimate coming in at $0.17 and the highest estimate coming in at $0.25. Centennial Resource Development posted earnings of $0.06 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 266.7%. The business is scheduled to report its next quarterly earnings results on Monday, November 5th.

On average, analysts expect that Centennial Resource Development will report full-year earnings of $0.95 per share for the current financial year, with EPS estimates ranging from $0.80 to $1.19. For the next year, analysts anticipate that the company will report earnings of $1.26 per share, with EPS estimates ranging from $0.98 to $1.93. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last released its earnings results 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. The business had revenue of $217.76 million for the quarter, compared to the consensus estimate of $220.58 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The business’s quarterly revenue was up 139.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 earnings per share.

A number of equities analysts recently commented on the company. ValuEngine downgraded Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Zacks Investment Research upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Tuesday, July 17th. BidaskClub upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. Jefferies Financial Group assumed coverage on Centennial Resource Development in a research report on Thursday, August 23rd. They set a “buy” rating and a $23.00 price objective on the stock. Finally, SunTrust Banks upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Friday, September 7th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $24.42.

Shares of NASDAQ CDEV traded up $0.32 during midday trading on Thursday, hitting $21.72. The stock had a trading volume of 88,052 shares, compared to its average volume of 2,468,562. The company has a market cap of $5.96 billion, a PE ratio of 77.57 and a beta of 1.38. Centennial Resource Development has a 1 year low of $15.78 and a 1 year high of $22.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDEV. Wells Fargo & Company MN grew its stake in Centennial Resource Development by 49.8% during the 1st quarter. Wells Fargo & Company MN now owns 183,139 shares of the oil and natural gas company’s stock worth $3,361,000 after purchasing an additional 60,844 shares in the last quarter. Rhumbline Advisers grew its stake in Centennial Resource Development by 22.3% during the 1st quarter. Rhumbline Advisers now owns 147,674 shares of the oil and natural gas company’s stock worth $2,710,000 after purchasing an additional 26,948 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Centennial Resource Development during the 1st quarter worth $1,793,000. State of Wisconsin Investment Board grew its stake in Centennial Resource Development by 14.7% during the 1st quarter. State of Wisconsin Investment Board now owns 31,262 shares of the oil and natural gas company’s stock worth $574,000 after purchasing an additional 4,016 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Centennial Resource Development by 15.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 857,727 shares of the oil and natural gas company’s stock worth $15,740,000 after buying an additional 115,217 shares during the last quarter. 94.38% of the stock is owned by hedge funds and other 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.

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