Centennial Resource Development (NASDAQ:CDEV) announced its quarterly earnings results on Monday. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01), Morningstar.com reports. Centennial Resource Development had a return on equity of 5.04% and a net margin of 14.13%. The business had revenue of $244.24 million during the quarter, compared to analysts’ expectations of $232.70 million. During the same period in the previous year, the company posted $0.24 EPS. Centennial Resource Development’s revenue for the quarter was up 12.2% on a year-over-year basis.
NASDAQ:CDEV traded down $0.49 during midday trading on Tuesday, reaching $4.75. 377,994 shares of the stock traded hands, compared to its average volume of 4,489,262. Centennial Resource Development has a 12-month low of $5.04 and a 12-month high of $23.12. The firm has a 50-day moving average price of $6.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $1.45 billion, a PE ratio of 6.34, a PEG ratio of 8.94 and a beta of 1.90.
Several equities research analysts have recently weighed in on the stock. ValuEngine cut shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group cut shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. TD Securities lowered their price target on shares of Centennial Resource Development from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Zacks Investment Research raised shares of Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, BidaskClub cut shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Centennial Resource Development has an average rating of “Hold” and a consensus price target of $16.82.
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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