$281.47 Million in Sales Expected for Centennial Resource Development, Inc. (NASDAQ:CDEV) This Quarter
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Equities research analysts forecast that Centennial Resource Development, Inc. (NASDAQ:CDEV – Get Rating) will announce sales of $281.47 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Centennial Resource Development’s earnings, with the highest sales estimate coming in at $310.00 million and the lowest estimate coming in at $264.00 million. Centennial Resource Development reported sales of $192.39 million during the same quarter last year, which would indicate a positive year over year growth rate of 46.3%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Centennial Resource Development will report full-year sales of $1.17 billion for the current fiscal year, with estimates ranging from $1.09 billion to $1.27 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.17 billion, with estimates ranging from $1.05 billion to $1.32 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Centennial Resource Development.
Centennial Resource Development (NASDAQ:CDEV – Get Rating) last released its quarterly earnings data on Tuesday, February 22nd. The oil and natural gas company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.22. Centennial Resource Development had a return on equity of 7.83% and a net margin of 13.42%. During the same quarter in the prior year, the business earned ($0.17) earnings per share.
A number of research analysts have recently commented on the company. KeyCorp upped their price target on Centennial Resource Development from $8.00 to $9.00 and gave the company an “overweight” rating in a research report on Thursday, January 27th. Piper Sandler increased their price objective on Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, March 10th. JPMorgan Chase & Co. increased their price objective on Centennial Resource Development from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, March 2nd. Zacks Investment Research upgraded Centennial Resource Development from a “hold” rating to a “strong-buy” rating and set a $8.75 target price for the company in a report on Tuesday, January 25th. Finally, Wells Fargo & Company upgraded Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a report on Monday, March 14th. Seven research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.55.
CDEV stock traded up $0.42 during midday trading on Monday, hitting $8.65. The company’s stock had a trading volume of 14,346,773 shares, compared to its average volume of 11,881,016. The stock’s 50-day moving average price is $8.02 and its 200 day moving average price is $7.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.30. Centennial Resource Development has a 1 year low of $3.69 and a 1 year high of $9.30. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 20.60 and a beta of 5.61.
In other Centennial Resource Development news, Director Silver Run Sponsor, Llc sold 2,425,000 shares of the company’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $8.76, for a total transaction of $21,243,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 29.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Strategic Asset Management LLC acquired a new position in shares of Centennial Resource Development in the 3rd quarter valued at $35,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Centennial Resource Development during the 4th quarter worth about $30,000. Marshall Wace LLP acquired a new stake in Centennial Resource Development during the 4th quarter worth about $30,000. Meeder Asset Management Inc. grew its position in Centennial Resource Development by 203.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 6,458 shares of the oil and natural gas company’s stock worth $42,000 after purchasing an additional 4,333 shares during the period. Finally, Woodward Diversified Capital LLC acquired a new stake in Centennial Resource Development during the 4th quarter worth about $60,000. Hedge funds and other institutional investors own 78.11% of the company’s stock.
About Centennial Resource Development (Get Rating)
Centennial Resource Development, Inc operates as oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded in October 2014 and is headquartered in Denver, CO.
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