Centennial Resource Development Inc (CDEV) Expected to Post Quarterly Sales of $216.36 Million

Equities analysts expect that Centennial Resource Development Inc (NASDAQ:CDEV) will post $216.36 million in sales for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Centennial Resource Development’s earnings. The lowest sales estimate is $202.56 million and the highest is $231.22 million. Centennial Resource Development reported sales of $215.90 million in the same quarter last year, which indicates a positive year over year growth rate of 0.2%. The company is scheduled to report its next quarterly earnings report on Tuesday, May 14th.

On average, analysts expect that Centennial Resource Development will report full-year sales of $921.16 million for the current year, with estimates ranging from $850.00 million to $977.00 million. For the next year, analysts forecast that the firm will post sales of $1.10 billion, with estimates ranging from $929.00 million to $1.32 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last issued its earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.03). The firm had revenue of $222.50 million for the quarter, compared to the consensus estimate of $238.16 million. Centennial Resource Development had a net margin of 22.43% and a return on equity of 6.51%. The firm’s revenue was up 34.0% on a year-over-year basis.

A number of equities research analysts have weighed in on the company. Johnson Rice lowered Centennial Resource Development from a “buy” rating to an “accumulate” rating in a research report on Friday, March 22nd. ValuEngine upgraded Centennial Resource Development from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 20th. TheStreet downgraded Centennial Resource Development from a “c-” rating to a “d+” rating in a report on Friday, March 15th. TD Securities cut their price target on Centennial Resource Development from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, February 27th. Finally, Cowen downgraded Centennial Resource Development from an “outperform” rating to a “market perform” rating and cut their price target for the company from $15.00 to $11.00 in a report on Wednesday, February 27th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Centennial Resource Development has an average rating of “Hold” and an average price target of $18.75.

NASDAQ CDEV traded down $0.21 on Wednesday, reaching $8.79. 3,136,555 shares of the stock traded hands, compared to its average volume of 3,961,544. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.21. The firm has a market cap of $2.49 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.34 and a beta of 1.84. Centennial Resource Development has a 12 month low of $8.28 and a 12 month high of $23.12.

A number of institutional investors have recently bought and sold shares of CDEV. NWQ Investment Management Company LLC purchased a new stake in Centennial Resource Development during the 3rd quarter valued at about $25,250,000. Norges Bank acquired a new position in shares of Centennial Resource Development in the 4th quarter valued at about $12,791,000. Advisory Research Inc. acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at about $25,349,000. Schroder Investment Management Group lifted its holdings in shares of Centennial Resource Development by 187.0% in the 3rd quarter. Schroder Investment Management Group now owns 1,443,732 shares of the oil and natural gas company’s stock valued at $31,546,000 after buying an additional 940,695 shares during the period. Finally, Ninepoint Partners LP acquired a new position in shares of Centennial Resource Development in the 4th quarter valued at about $7,714,000.

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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