Zacks: Brokerages Anticipate Centennial Resource Development, Inc. (NASDAQ:CDEV) Will Announce Quarterly Sales of $367.92 Million

Equities research analysts expect Centennial Resource Development, Inc. (NASDAQ:CDEVGet Rating) to report sales of $367.92 million for the current quarter, according to Zacks. Four analysts have provided estimates for Centennial Resource Development’s earnings, with the lowest sales estimate coming in at $329.00 million and the highest estimate coming in at $426.00 million. Centennial Resource Development reported sales of $232.58 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 58.2%. The company is scheduled to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Centennial Resource Development will report full year sales of $1.77 billion for the current year, with estimates ranging from $1.75 billion to $1.80 billion. For the next fiscal year, analysts forecast that the business will post sales of $3.10 billion, with estimates ranging from $2.95 billion to $3.25 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEVGet Rating) last issued its earnings results on Wednesday, May 4th. The oil and natural gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.35). Centennial Resource Development had a return on equity of 12.30% and a net margin of 15.92%. During the same period in the previous year, the company earned ($0.01) EPS.

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company upgraded Centennial Resource Development from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a report on Monday, March 14th. JPMorgan Chase & Co. upped their price target on Centennial Resource Development from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, March 2nd. Piper Sandler lowered their price target on Centennial Resource Development to $13.00 and set a “na” rating on the stock in a report on Wednesday, May 18th. Truist Financial lowered their price target on Centennial Resource Development to $8.00 in a report on Friday, May 20th. Finally, Stifel Nicolaus upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and increased their target price for the company from $8.40 to $11.20 in a report on Friday, April 1st. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.20.

Shares of CDEV stock traded up $0.14 during trading hours on Friday, reaching $6.88. 226,003 shares of the company’s stock were exchanged, compared to its average volume of 10,076,920. The company has a market cap of $1.96 billion, a P/E ratio of 11.42 and a beta of 5.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.63 and a quick ratio of 0.63. The company’s 50 day moving average is $8.14 and its two-hundred day moving average is $7.58. Centennial Resource Development has a 1 year low of $3.90 and a 1 year high of $9.58.

In other news, Director Silver Run Sponsor, Llc sold 10,000,000 shares of the firm’s stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $8.15, for a total transaction of $81,500,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 29.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in Centennial Resource Development by 41.6% in the first quarter. State Street Corp now owns 18,425,711 shares of the oil and natural gas company’s stock valued at $148,695,000 after purchasing an additional 5,413,728 shares during the period. JB Investments Management LLC grew its stake in Centennial Resource Development by 1.4% in the fourth quarter. JB Investments Management LLC now owns 11,401,435 shares of the oil and natural gas company’s stock worth $68,181,000 after purchasing an additional 162,419 shares in the last quarter. Vanguard Group Inc. grew its stake in Centennial Resource Development by 2.4% in the first quarter. Vanguard Group Inc. now owns 10,413,772 shares of the oil and natural gas company’s stock worth $84,039,000 after purchasing an additional 241,428 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Centennial Resource Development by 51.3% in the first quarter. Dimensional Fund Advisors LP now owns 9,696,922 shares of the oil and natural gas company’s stock worth $78,259,000 after purchasing an additional 3,289,147 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Centennial Resource Development by 891.8% in the third quarter. Goldman Sachs Group Inc. now owns 8,373,553 shares of the oil and natural gas company’s stock worth $56,103,000 after purchasing an additional 7,529,250 shares in the last quarter.

About Centennial Resource Development (Get Rating)

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

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