Q2 2019 EPS Estimates for Centennial Resource Development Inc (CDEV) Decreased by Imperial Capital

Centennial Resource Development Inc (NASDAQ:CDEV) – Analysts at Imperial Capital dropped their Q2 2019 earnings per share (EPS) estimates for shares of Centennial Resource Development in a research note issued to investors on Thursday, March 14th. Imperial Capital analyst I. Haas now expects that the oil and natural gas company will earn $0.02 per share for the quarter, down from their previous forecast of $0.03. Imperial Capital also issued estimates for Centennial Resource Development’s Q4 2019 earnings at $0.08 EPS, FY2019 earnings at $0.15 EPS and FY2020 earnings at $0.65 EPS.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.03). The company 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 business’s quarterly revenue was up 34.0% compared to the same quarter last year.

Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Centennial Resource Development from a “sell” rating to a “strong sell” rating in a research report on Thursday, February 28th. TD Securities reduced their price target on shares of Centennial Resource Development from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, February 27th. Cowen lowered shares of Centennial Resource Development from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $15.00 to $11.00 in a research report on Wednesday, February 27th. Credit Suisse Group set a $12.00 price target on shares of Centennial Resource Development and gave the company a “hold” rating in a research report on Tuesday, February 26th. Finally, Guggenheim set a $20.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a research report on Tuesday, February 26th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.61.

CDEV opened at $8.93 on Friday. The stock has a market cap of $2.52 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.31 and a beta of 1.84. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.53 and a quick ratio of 0.53. Centennial Resource Development has a fifty-two week low of $8.28 and a fifty-two week high of $23.12.

Several hedge funds have recently added to or reduced their stakes in CDEV. Bank of New York Mellon Corp boosted its position in shares of Centennial Resource Development by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 689,215 shares of the oil and natural gas company’s stock valued at $12,448,000 after acquiring an additional 51,153 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Centennial Resource Development by 187.6% in the third quarter. Russell Investments Group Ltd. now owns 233,627 shares of the oil and natural gas company’s stock valued at $5,101,000 after acquiring an additional 152,392 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Centennial Resource Development by 3.2% in the third quarter. State Board of Administration of Florida Retirement System now owns 164,432 shares of the oil and natural gas company’s stock valued at $3,593,000 after acquiring an additional 5,090 shares during the period. US Bancorp DE bought a new position in shares of Centennial Resource Development in the third quarter valued at approximately $239,000. Finally, Engineers Gate Manager LP bought a new position in shares of Centennial Resource Development in the third quarter valued at approximately $312,000.

Centennial Resource Development Company Profile

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 and Estimates for Centennial Resource Development (NASDAQ:CDEV)

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