Brokerages Anticipate Centennial Resource Development Inc (CDEV) Will Post Quarterly Sales of $288.56 Million

Wall Street brokerages forecast that Centennial Resource Development Inc (NASDAQ:CDEV) will announce sales of $288.56 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Centennial Resource Development’s earnings. The highest sales estimate is $306.00 million and the lowest is $252.80 million. Centennial Resource Development reported sales of $166.13 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 73.7%. The company is scheduled to report its next quarterly earnings results on Monday, February 25th.

On average, analysts expect that Centennial Resource Development will report full-year sales of $959.27 million for the current financial year, with estimates ranging from $921.30 million to $980.00 million. For the next year, analysts anticipate that the firm will post sales of $1.38 billion, with estimates ranging from $1.28 billion to $1.49 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings results on Wednesday, November 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). The company had revenue of $234.88 million during the quarter, compared to analysts’ expectations of $239.43 million. Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. Centennial Resource Development’s revenue for the quarter was up 110.4% compared to the same quarter last year.

A number of analysts have recently issued reports on CDEV shares. SunTrust Banks raised shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Friday, September 7th. BidaskClub upgraded Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. 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 report on Tuesday, July 17th. KLR Group restated a “buy” rating and issued a $29.00 price objective on shares of Centennial Resource Development in a report on Monday, August 20th. Finally, ValuEngine downgraded Centennial Resource Development from a “hold” rating to a “sell” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.89.

A number of large investors have recently added to or reduced their stakes in CDEV. UBS Group AG increased its holdings in Centennial Resource Development by 466.9% in the first quarter. UBS Group AG now owns 14,735 shares of the oil and natural gas company’s stock worth $271,000 after buying an additional 12,136 shares during the last quarter. Guggenheim Capital LLC grew its holdings in Centennial Resource Development by 31.6% during the first quarter. Guggenheim Capital LLC now owns 24,776 shares of the oil and natural gas company’s stock valued at $454,000 after purchasing an additional 5,946 shares during the last quarter. Legal & General Group Plc grew its holdings in Centennial Resource Development by 62.6% during the first quarter. Legal & General Group Plc now owns 76,965 shares of the oil and natural gas company’s stock valued at $1,412,000 after purchasing an additional 29,637 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in Centennial Resource Development by 104.4% during the first quarter. Allianz Asset Management GmbH now owns 345,405 shares of the oil and natural gas company’s stock valued at $6,338,000 after purchasing an additional 176,450 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Centennial Resource Development by 40.9% during the second quarter. State of Alaska Department of Revenue now owns 17,280 shares of the oil and natural gas company’s stock valued at $312,000 after purchasing an additional 5,020 shares during the last quarter. Hedge funds and other institutional investors own 94.31% of the company’s stock.

NASDAQ CDEV opened at $18.54 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $5.47 billion, a PE ratio of 66.21 and a beta of 1.51. Centennial Resource Development has a 52-week low of $15.78 and a 52-week 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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Earnings History and Estimates for Centennial Resource Development (NASDAQ:CDEV)

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