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.
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