Wall Street brokerages predict that Centennial Resource Development Inc (NASDAQ:CDEV) will announce sales of $112.41 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Centennial Resource Development’s earnings. The lowest sales estimate is $91.83 million and the highest is $143.00 million. Centennial Resource Development reported sales of $229.13 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 50.9%. The company is scheduled to announce its next quarterly earnings report on Monday, November 2nd.
According to Zacks, analysts expect that Centennial Resource Development will report full-year sales of $513.70 million for the current fiscal year, with estimates ranging from $491.00 million to $567.00 million. For the next financial year, analysts expect that the company will post sales of $590.70 million, with estimates ranging from $514.00 million to $783.80 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Centennial Resource Development.
Several equities analysts recently commented on CDEV shares. Zacks Investment Research lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating and set a $2.00 price target for the company. in a research report on Monday, June 8th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $1.25 target price (up from $1.00) on shares of Centennial Resource Development in a research report on Thursday, June 25th. KeyCorp reiterated a “buy” rating and issued a $2.00 target price (up previously from $1.00) on shares of Centennial Resource Development in a report on Thursday, June 11th. Royal Bank of Canada restated a “hold” rating and set a $1.50 price target on shares of Centennial Resource Development in a research note on Thursday, August 6th. Finally, Scotiabank raised their price objective on Centennial Resource Development to $0.80 and gave the stock a “sector underperform” rating in a report on Monday, July 13th. Eight equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.58.
Shares of CDEV traded down $0.01 during mid-day trading on Thursday, hitting $0.61. The company had a trading volume of 8,398,745 shares, compared to its average volume of 6,277,457. Centennial Resource Development has a 1-year low of $0.24 and a 1-year high of $6.09. The business’s 50-day simple moving average is $0.83 and its 200-day simple moving average is $0.98. The stock has a market cap of $170.91 million, a PE ratio of -0.31 and a beta of 6.77. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.41.
Several hedge funds and other institutional investors have recently bought and sold shares of CDEV. Prescott Group Capital Management L.L.C. grew its holdings in Centennial Resource Development by 1,268.3% during the 1st quarter. Prescott Group Capital Management L.L.C. now owns 23,617,072 shares of the oil and natural gas company’s stock valued at $6,211,000 after purchasing an additional 21,891,072 shares in the last quarter. AQR Capital Management LLC boosted its position in Centennial Resource Development by 609.3% in the 1st quarter. AQR Capital Management LLC now owns 16,531,338 shares of the oil and natural gas company’s stock valued at $4,348,000 after buying an additional 14,200,632 shares during the last quarter. Riverstone Holdings LLC grew its stake in shares of Centennial Resource Development by 18.8% during the second quarter. Riverstone Holdings LLC now owns 83,459,210 shares of the oil and natural gas company’s stock valued at $74,279,000 after acquiring an additional 13,193,173 shares in the last quarter. First Trust Advisors LP increased its position in shares of Centennial Resource Development by 899.9% during the second quarter. First Trust Advisors LP now owns 5,158,945 shares of the oil and natural gas company’s stock worth $4,591,000 after acquiring an additional 4,642,995 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Centennial Resource Development by 29.0% in the first quarter. State Street Corp now owns 12,762,734 shares of the oil and natural gas company’s stock worth $3,357,000 after acquiring an additional 2,872,645 shares in the last quarter. 68.26% of the stock is currently owned by institutional investors and hedge funds.
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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