SunTrust Banks Brokers Lower Earnings Estimates for Centennial Resource Development Inc (CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Stock analysts at SunTrust Banks lowered their FY2018 earnings per share (EPS) estimates for Centennial Resource Development in a report released on Tuesday, November 6th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will earn $0.97 per share for the year, down from their previous estimate of $1.00. SunTrust Banks has a “Buy” rating and a $25.00 price objective on the stock. SunTrust Banks also issued estimates for Centennial Resource Development’s FY2019 earnings at $1.43 EPS and FY2020 earnings at $2.09 EPS.

Centennial Resource Development (NASDAQ:CDEV) last posted its earnings results on Wednesday, November 7th. 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 during the quarter, compared to the consensus estimate 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 was up 110.4% compared to the same quarter last year.

Other analysts have also recently issued reports about the company. TheStreet raised Centennial Resource Development from a “c” rating to a “b-” rating in a research note on Friday, August 31st. BidaskClub raised Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. Zacks Investment Research raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Tuesday, October 9th. Royal Bank of Canada set a $30.00 target price on Centennial Resource Development and gave the stock a “buy” rating in a research note on Monday, October 1st. Finally, Jefferies Financial Group started coverage on Centennial Resource Development in a research note on Thursday, August 23rd. They issued a “buy” rating and a $23.00 target price on the stock. One equities research 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. Centennial Resource Development has a consensus rating of “Buy” and an average target price of $24.89.

NASDAQ CDEV opened at $18.54 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17. The stock 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 1 year low of $15.78 and a 1 year high of $23.12.

Institutional investors and hedge funds have recently modified their holdings of the business. First Interstate Bank bought a new stake in shares of Centennial Resource Development during the third quarter valued at approximately $133,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Centennial Resource Development during the second quarter valued at approximately $172,000. Confluence Investment Management LLC bought a new stake in shares of Centennial Resource Development during the third quarter valued at approximately $208,000. CIBC Asset Management Inc bought a new stake in shares of Centennial Resource Development during the third quarter valued at approximately $214,000. Finally, Strs Ohio bought a new stake in shares of Centennial Resource Development during the second quarter valued at approximately $218,000. Institutional investors and hedge funds own 94.31% of the company’s stock.

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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Earnings History and Estimates for Centennial Resource Development (NASDAQ:CDEV)

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