Q4 2019 EPS Estimates for Centennial Resource Development Inc Raised by Analyst (NASDAQ:CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Equities research analysts at SunTrust Banks lifted their Q4 2019 earnings per share (EPS) estimates for shares of Centennial Resource Development in a research report issued on Wednesday, October 16th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will earn $0.09 per share for the quarter, up from their prior estimate of $0.08. SunTrust Banks currently has a “Buy” rating and a $6.00 target price on the stock. SunTrust Banks also issued estimates for Centennial Resource Development’s Q1 2020 earnings at $0.12 EPS, Q2 2020 earnings at $0.10 EPS, Q3 2020 earnings at $0.10 EPS, Q4 2020 earnings at $0.10 EPS, FY2020 earnings at $0.43 EPS, Q1 2021 earnings at $0.12 EPS and FY2021 earnings at $0.52 EPS.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $244.24 million during the quarter, compared to the consensus estimate of $232.70 million. Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. The company’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 earnings per share.

CDEV has been the topic of several other reports. Guggenheim set a $7.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a research note on Wednesday, August 21st. Piper Jaffray Companies set a $6.00 price target on shares of Centennial Resource Development and gave the company a “hold” rating in a research note on Friday, August 16th. Jefferies Financial Group lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Monday, July 15th. TD Securities lowered shares of Centennial Resource Development from a “buy” rating to a “hold” rating and lowered their price target for the company from $8.50 to $6.00 in a research note on Thursday, September 5th. Finally, Royal Bank of Canada set a $10.00 price target on shares of Centennial Resource Development and gave the company a “buy” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $10.09.

Shares of CDEV stock opened at $3.51 on Monday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.27. Centennial Resource Development has a 1 year low of $3.11 and a 1 year high of $20.49. The firm’s fifty day moving average price is $4.25 and its two-hundred day moving average price is $6.71. The firm has a market capitalization of $873.55 million, a P/E ratio of 4.68, a PEG ratio of 8.01 and a beta of 1.97.

Institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. increased its position in Centennial Resource Development by 3.0% during the 3rd quarter. Whittier Trust Co. now owns 111,977 shares of the oil and natural gas company’s stock worth $505,000 after purchasing an additional 3,301 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Centennial Resource Development by 18.7% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 22,199 shares of the oil and natural gas company’s stock worth $100,000 after purchasing an additional 3,491 shares in the last quarter. Cerebellum GP LLC acquired a new position in Centennial Resource Development during the 3rd quarter worth approximately $452,000. Verition Fund Management LLC acquired a new position in Centennial Resource Development during the 2nd quarter worth approximately $79,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Centennial Resource Development by 1,433.1% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 22,996 shares of the oil and natural gas company’s stock worth $175,000 after purchasing an additional 21,496 shares in the last quarter. Institutional investors own 97.56% of the company’s stock.

In other news, CFO George S. Glyphis acquired 50,000 shares of the stock in a transaction dated Friday, August 9th. The shares were bought at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the purchase, the chief financial officer now directly owns 493,195 shares of the company’s stock, valued at $2,313,084.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.30% of the stock is owned by insiders.

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 and Estimates for Centennial Resource Development (NASDAQ:CDEV)

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