Zacks: Brokerages Anticipate Centennial Resource Development, Inc. (NASDAQ:CDEV) to Announce $0.44 Earnings Per Share

Equities research analysts expect Centennial Resource Development, Inc. (NASDAQ:CDEVGet Rating) to announce earnings per share of $0.44 for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Centennial Resource Development’s earnings, with the lowest EPS estimate coming in at $0.31 and the highest estimate coming in at $0.53. Centennial Resource Development posted earnings of $0.02 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 2,100%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Centennial Resource Development will report full-year earnings of $1.95 per share for the current financial year, with EPS estimates ranging from $1.65 to $2.48. For the next year, analysts anticipate that the company will report earnings of $2.29 per share, with EPS estimates ranging from $1.49 to $3.18. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The oil and natural gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.35). Centennial Resource Development had a net margin of 15.92% and a return on equity of 12.30%. During the same period in the previous year, the company posted ($0.01) earnings per share.

Several research firms recently issued reports on CDEV. Stifel Nicolaus upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and boosted their price objective for the company from $8.40 to $11.20 in a report on Friday, April 1st. Piper Sandler lowered their target price on Centennial Resource Development to $13.00 and set a “na” rating for the company in a research note on Wednesday, May 18th. KeyCorp boosted their target price on Centennial Resource Development from $9.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, April 8th. JPMorgan Chase & Co. boosted their target price on Centennial Resource Development from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 2nd. Finally, Zacks Investment Research cut Centennial Resource Development from a “buy” rating to a “hold” rating and set a $7.25 target price for the company. in a research note on Friday, May 20th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Centennial Resource Development presently has a consensus rating of “Hold” and an average price target of $9.20.

In related news, Director Silver Run Sponsor, Llc sold 10,000,000 shares of the company’s stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $8.15, for a total value of $81,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 29.20% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Centennial Resource Development during the 4th quarter worth approximately $30,000. Marshall Wace LLP purchased a new position in Centennial Resource Development in the 4th quarter valued at approximately $30,000. Nisa Investment Advisors LLC purchased a new position in Centennial Resource Development in the 1st quarter valued at approximately $35,000. C M Bidwell & Associates Ltd. purchased a new position in Centennial Resource Development in the 1st quarter valued at approximately $37,000. Finally, US Bancorp DE increased its stake in Centennial Resource Development by 243.6% in the 1st quarter. US Bancorp DE now owns 4,666 shares of the oil and natural gas company’s stock valued at $38,000 after purchasing an additional 3,308 shares in the last quarter.

Shares of CDEV stock traded up $0.14 on Friday, hitting $6.88. The stock had a trading volume of 226,003 shares, compared to its average volume of 10,076,920. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market capitalization of $1.96 billion, a P/E ratio of 11.42 and a beta of 5.21. Centennial Resource Development has a 1 year low of $3.90 and a 1 year high of $9.58. The company’s 50 day moving average price is $8.14 and its 200-day moving average price is $7.58.

About Centennial Resource Development (Get Rating)

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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