Centennial Resource Development (CDEV) Shares Down 6.9% on Disappointing Earnings

Centennial Resource Development Inc (NASDAQ:CDEV)’s share price fell 6.9% on Thursday following a dissappointing earnings announcement. The stock traded as low as $18.37 and last traded at $18.45. 3,510,721 shares traded hands during mid-day trading, an increase of 49% from the average session volume of 2,360,625 shares. The stock had previously closed at $19.82.

The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The business had revenue of $234.88 million for the quarter, compared to the consensus estimate of $239.43 million. Centennial Resource Development had a net margin of 23.90% and a return on equity of 6.57%. Centennial Resource Development’s revenue for the quarter was up 110.4% compared to the same quarter last year.

Several research firms recently issued reports on CDEV. TheStreet raised Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. ValuEngine downgraded Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research downgraded Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Friday, July 20th. BidaskClub upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Thursday, August 9th. Finally, Royal Bank of Canada restated a “buy” rating and set a $28.00 price target on shares of Centennial Resource Development in a research report on Friday, July 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $24.89.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDEV. First Interstate Bank purchased a new stake in Centennial Resource Development during the third quarter valued at about $133,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Centennial Resource Development in the second quarter worth about $172,000. Confluence Investment Management LLC purchased a new position in shares of Centennial Resource Development in the third quarter worth about $208,000. CIBC Asset Management Inc purchased a new position in shares of Centennial Resource Development in the third quarter worth about $214,000. Finally, Strs Ohio purchased a new position in shares of Centennial Resource Development in the second quarter worth about $218,000. Institutional investors and hedge funds own 94.31% of the company’s stock.

The firm has a market cap of $5.50 billion, a PE ratio of 25.55 and a beta of 1.51. The company has a quick ratio of 0.89, a current ratio of 0.79 and a debt-to-equity ratio of 0.17.

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Centennial Resource Development Company Profile (NASDAQ:CDEV)

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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