Centennial Resource Development Inc to Post Q3 2019 Earnings of $0.01 Per Share, Jefferies Financial Group Forecasts (NASDAQ:CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Analysts at Jefferies Financial Group decreased their Q3 2019 earnings per share (EPS) estimates for Centennial Resource Development in a research note issued on Monday, August 12th. Jefferies Financial Group analyst Z. Parham now forecasts that the oil and natural gas company will earn $0.01 per share for the quarter, down from their prior estimate of $0.02. Jefferies Financial Group currently has a “Hold” rating on the stock.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.01). Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. The company had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. During the same period in the previous year, the firm earned $0.24 earnings per share. The company’s revenue was up 12.2% compared to the same quarter last year.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut Centennial Resource Development from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $10.00 in a research note on Friday, June 7th. Wells Fargo & Co assumed coverage on Centennial Resource Development in a research note on Monday, May 20th. They set a “market perform” rating and a $12.00 price objective on the stock. Piper Jaffray Companies assumed coverage on Centennial Resource Development in a research note on Monday, July 8th. They set a “neutral” rating and a $8.00 price objective on the stock. SunTrust Banks set a $5.00 price objective on Centennial Resource Development and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Barclays reissued a “hold” rating and set a $9.00 price objective on shares of Centennial Resource Development in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $14.09.

Shares of NASDAQ CDEV opened at $3.96 on Wednesday. The business’s 50 day moving average is $6.18 and its two-hundred day moving average is $8.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.53 and a quick ratio of 0.53. Centennial Resource Development has a 1-year low of $3.92 and a 1-year high of $23.12. The stock has a market capitalization of $1.25 billion, a P/E ratio of 5.28, a PEG ratio of 7.63 and a beta of 1.90.

In other Centennial Resource Development news, CFO George S. Glyphis bought 50,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $4.69 per share, for a total transaction of $234,500.00. Following the completion of the transaction, the chief financial officer now directly owns 493,195 shares of the company’s stock, valued at $2,313,084.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 31.30% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CDEV. Principal Financial Group Inc. purchased a new stake in Centennial Resource Development during the 4th quarter valued at about $117,000. Legal & General Group Plc lifted its holdings in Centennial Resource Development by 3.7% in the 4th quarter. Legal & General Group Plc now owns 84,535 shares of the oil and natural gas company’s stock worth $931,000 after buying an additional 2,978 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Centennial Resource Development by 18.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,560,405 shares of the oil and natural gas company’s stock worth $39,235,000 after buying an additional 542,778 shares during the period. Norges Bank purchased a new stake in Centennial Resource Development in the 4th quarter worth approximately $12,791,000. Finally, Geode Capital Management LLC lifted its holdings in Centennial Resource Development by 5.4% in the 4th quarter. Geode Capital Management LLC now owns 1,993,483 shares of the oil and natural gas company’s stock worth $21,967,000 after buying an additional 102,502 shares during the period. Hedge funds and other institutional investors own 99.64% of the company’s stock.

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

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