Centennial Resource Development (NASDAQ:CDEV) Releases Quarterly Earnings Results, Misses Expectations By $0.01 EPS

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.

A number of large investors have recently bought and sold shares of the stock. Frontier Capital Management Co. LLC lifted its position in Centennial Resource Development by 17.8% during the first quarter. Frontier Capital Management Co. LLC now owns 5,066,515 shares of the oil and natural gas company’s stock valued at $44,535,000 after acquiring an additional 764,828 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 valued at $39,235,000 after acquiring an additional 542,778 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Centennial Resource Development by 21.8% during the first quarter. JPMorgan Chase & Co. now owns 2,670,441 shares of the oil and natural gas company’s stock valued at $23,474,000 after acquiring an additional 478,565 shares during the last quarter. Geode Capital Management LLC lifted 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 valued at $21,967,000 after acquiring an additional 102,502 shares during the last quarter. Finally, Norges Bank purchased a new stake in Centennial Resource Development during the fourth quarter valued at approximately $12,791,000. 99.62% of the stock is owned by institutional investors.

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 for Centennial Resource Development (NASDAQ:CDEV)

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