Q4 2018 EPS Estimates for Centennial Resource Development Inc Cut by Jefferies Financial Group (CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Jefferies Financial Group lowered their Q4 2018 earnings per share estimates for shares of Centennial Resource Development in a research report issued on Wednesday, November 7th. Jefferies Financial Group analyst Z. Parham now forecasts that the oil and natural gas company will earn $0.26 per share for the quarter, down from their prior estimate of $0.28. Jefferies Financial Group currently has a “Buy” rating and a $23.00 target price on the stock. Jefferies Financial Group also issued estimates for Centennial Resource Development’s Q1 2019 earnings at $0.24 EPS and Q2 2019 earnings at $0.22 EPS.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data 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). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The company had revenue of $234.88 million for the quarter, compared to the consensus estimate of $239.43 million. The firm’s quarterly revenue was up 110.4% on a year-over-year basis.

A number of other research firms have also recently issued reports on CDEV. ValuEngine cut shares of Centennial Resource Development from a “hold” rating to a “sell” rating in a research report on Thursday. KLR Group reissued a “buy” rating and set a $29.00 price objective on shares of Centennial Resource Development in a research note on Monday, August 20th. BidaskClub lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Royal Bank of Canada set a $30.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Monday, October 1st. Finally, Barclays assumed coverage on shares of Centennial Resource Development in a report on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $24.89.

Shares of NASDAQ:CDEV opened at $18.54 on Thursday. The firm has a market capitalization of $5.47 billion, a P/E 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. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.79.

Several hedge funds have recently made changes to their positions in the company. Trexquant Investment LP acquired a new position in shares of Centennial Resource Development during the 3rd quarter valued at about $377,000. Prescott Group Capital Management L.L.C. purchased a new stake in Centennial Resource Development during the third quarter worth about $878,000. FMR LLC increased its stake in Centennial Resource Development by 27.0% during the third quarter. FMR LLC now owns 39,567,873 shares of the oil and natural gas company’s stock worth $864,558,000 after purchasing an additional 8,410,700 shares during the period. BlackRock Inc. increased its stake in Centennial Resource Development by 5.3% during the third quarter. BlackRock Inc. now owns 7,885,024 shares of the oil and natural gas company’s stock worth $172,288,000 after purchasing an additional 396,452 shares during the period. Finally, CI Investments Inc. increased its stake in Centennial Resource Development by 14.6% during the third quarter. CI Investments Inc. now owns 174,600 shares of the oil and natural gas company’s stock worth $3,815,000 after purchasing an additional 22,200 shares during the period. 94.31% of the stock is currently owned by hedge funds and other institutional investors.

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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