Centennial Resource Development (NASDAQ:CDEV) Announces Earnings Results

Centennial Resource Development (NASDAQ:CDEV) released its quarterly earnings results on Monday. The oil and natural gas company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01), Morningstar.com reports. The company had revenue of $244.24 million during the quarter, compared to analysts’ expectations of $232.70 million. Centennial Resource Development had a return on equity of 5.04% and a net margin of 14.13%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 EPS.

Shares of CDEV stock traded down $0.49 on Tuesday, hitting $4.76. 7,103,334 shares of the stock traded hands, compared to its average volume of 4,489,262. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.27. The company has a market cap of $1.45 billion, a P/E ratio of 6.34, a PEG ratio of 8.94 and a beta of 1.90. Centennial Resource Development has a 1-year low of $5.04 and a 1-year high of $23.12. The stock’s fifty day moving average is $6.71.

Several hedge funds have recently bought and sold shares of CDEV. Norges Bank acquired a new stake in shares of Centennial Resource Development during the 4th quarter valued at approximately $12,791,000. Frontier Capital Management Co. LLC raised its position in shares of Centennial Resource Development by 17.8% during the 1st 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 in the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of Centennial Resource Development during the 2nd quarter valued at approximately $5,312,000. Dimensional Fund Advisors LP raised its position in shares of Centennial Resource Development by 18.0% during the 4th 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 in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Centennial Resource Development by 21.8% during the 1st 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 in the last quarter. 99.62% of the stock is currently owned by institutional investors and hedge funds.

CDEV has been the subject of several research analyst reports. Zacks Investment Research upgraded Centennial Resource Development from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Barclays reiterated a “hold” rating and set a $9.00 target price on shares of Centennial Resource Development in a research note on Tuesday, July 2nd. SunTrust Banks cut Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Monday, July 8th. Piper Jaffray Companies initiated coverage on Centennial Resource Development in a research note on Monday, July 8th. They set a “neutral” rating and a $8.00 target price for the company. Finally, JPMorgan Chase & Co. cut Centennial Resource Development from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $11.00 to $10.00 in a research note on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Centennial Resource Development presently 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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Earnings History for Centennial Resource Development (NASDAQ:CDEV)

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