Zacks: Brokerages Anticipate Centennial Resource Development Inc (CDEV) Will Announce Quarterly Sales of $248.33 Million

Share on StockTwits

Wall Street analysts expect Centennial Resource Development Inc (NASDAQ:CDEV) to announce $248.33 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Centennial Resource Development’s earnings, with the highest sales estimate coming in at $269.36 million and the lowest estimate coming in at $229.00 million. Centennial Resource Development reported sales of $111.61 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 122.5%. The company is scheduled to issue its next earnings results on Monday, November 5th.

On average, analysts expect that Centennial Resource Development will report full-year sales of $970.71 million for the current financial year, with estimates ranging from $919.30 million to $1.08 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.31 billion, with estimates ranging from $1.28 billion to $1.42 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Centennial Resource Development.

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

Several analysts have weighed in on the stock. Royal Bank of Canada set a $30.00 price objective on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Monday, October 1st. BidaskClub raised shares of Centennial Resource Development from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 26th. SunTrust Banks raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Friday, September 7th. TheStreet raised shares of Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. Finally, Barclays assumed coverage on shares of Centennial Resource Development in a research note on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $24.53.

Hedge funds have recently made changes to their positions in the company. First Manhattan Co. lifted its position in shares of Centennial Resource Development by 59.0% during the second quarter. First Manhattan Co. now owns 1,108,557 shares of the oil and natural gas company’s stock worth $20,020,000 after purchasing an additional 411,366 shares in the last quarter. Rhumbline Advisers lifted its holdings in Centennial Resource Development by 15.7% in the second quarter. Rhumbline Advisers now owns 170,805 shares of the oil and natural gas company’s stock valued at $3,085,000 after buying an additional 23,131 shares during the period. Victory Capital Management Inc. lifted its holdings in Centennial Resource Development by 13.3% in the second quarter. Victory Capital Management Inc. now owns 110,707 shares of the oil and natural gas company’s stock valued at $1,999,000 after buying an additional 12,977 shares during the period. Stonebridge Capital Management Inc. acquired a new position in Centennial Resource Development in the second quarter valued at approximately $221,000. Finally, First Trust Advisors LP acquired a new position in Centennial Resource Development in the second quarter valued at approximately $3,162,000. Institutional investors own 94.38% of the company’s stock.

Centennial Resource Development stock traded down $0.14 during trading hours on Friday, hitting $22.20. 3,661,988 shares of the stock were exchanged, compared to its average volume of 2,370,581. 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 $6.03 billion, a price-to-earnings ratio of 79.29 and a beta of 1.28. Centennial Resource Development has a 12 month low of $15.78 and a 12 month high of $23.12.

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.

Recommended Story: The Discount Rate – What You Need to Know

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