KeyCorp Analysts Lift Earnings Estimates for Centennial Resource Development Inc (NASDAQ:CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Research analysts at KeyCorp lifted their Q3 2019 earnings estimates for shares of Centennial Resource Development in a note issued to investors on Tuesday, August 6th. KeyCorp analyst L. Mariani now forecasts that the oil and natural gas company will post earnings of $0.08 per share for the quarter, up from their prior estimate of $0.07. KeyCorp also issued estimates for Centennial Resource Development’s Q2 2020 earnings at $0.06 EPS, Q3 2020 earnings at $0.06 EPS, Q4 2020 earnings at $0.05 EPS and FY2020 earnings at $0.26 EPS.

CDEV has been the topic of a number of other research reports. Royal Bank of Canada set a $10.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub lowered shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 5th. Wells Fargo & Co initiated coverage on shares of Centennial Resource Development in a report on Monday, May 20th. They issued a “market perform” rating and a $12.00 target price for the company. Jefferies Financial Group lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a report on Monday, July 15th. Finally, Zacks Investment Research raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $14.09.

NASDAQ CDEV opened at $4.60 on Friday. Centennial Resource Development has a 12 month low of $4.42 and a 12 month high of $23.12. The company has a market cap of $1.30 billion, a PE ratio of 6.13, a price-to-earnings-growth ratio of 8.13 and a beta of 1.90. The business’s 50 day moving average price is $6.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.78 and a current ratio of 0.53.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.01). Centennial Resource Development had a return on equity of 3.66% and a net margin of 8.74%. The business had revenue of $244.24 million during the quarter, compared to the consensus estimate of $232.70 million. During the same quarter last year, the company earned $0.24 EPS. Centennial Resource Development’s revenue for the quarter was up 12.2% on a year-over-year basis.

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. purchased a new stake in Centennial Resource Development during the fourth quarter worth $117,000. Legal & General Group Plc boosted its position in Centennial Resource Development by 3.7% during the fourth quarter. Legal & General Group Plc now owns 84,535 shares of the oil and natural gas company’s stock worth $931,000 after purchasing an additional 2,978 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Centennial Resource Development by 18.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,560,405 shares of the oil and natural gas company’s stock worth $39,235,000 after purchasing an additional 542,778 shares in the last quarter. Norges Bank purchased a new stake in Centennial Resource Development during the fourth quarter worth $12,791,000. Finally, Geode Capital Management LLC boosted its position in Centennial Resource Development by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 1,993,483 shares of the oil and natural gas company’s stock worth $21,967,000 after purchasing an additional 102,502 shares in the last quarter. Institutional investors and hedge funds own 99.62% 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.

See Also: P/E Growth (PEG)

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

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