Analysts Anticipate Centennial Resource Development Inc (NASDAQ:CDEV) Will Announce Quarterly Sales of $242.48 Million

Analysts predict that Centennial Resource Development Inc (NASDAQ:CDEV) will report $242.48 million in sales for the current fiscal quarter, Zacks reports. Nine analysts have provided estimates for Centennial Resource Development’s earnings, with estimates ranging from $213.94 million to $263.00 million. Centennial Resource Development reported sales of $217.76 million in the same quarter last year, which indicates a positive year over year growth rate of 11.4%. The business is scheduled to issue its next earnings results after the market closes on Monday, August 5th.

On average, analysts expect that Centennial Resource Development will report full year sales of $940.82 million for the current year, with estimates ranging from $871.64 million to $994.00 million. For the next fiscal year, analysts expect that the firm will report sales of $1.07 billion, with estimates ranging from $945.00 million to $1.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings results on Monday, May 6th. The oil and natural gas company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. The firm had revenue of $214.57 million during the quarter, compared to the consensus estimate of $211.08 million. Centennial Resource Development had a return on equity of 5.04% and a net margin of 14.13%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the company posted $0.25 EPS.

A number of analysts have recently issued reports on the company. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. lifted their price target on Diageo from GBX 3,100 ($40.51) to GBX 3,200 ($41.81) and gave the company a “neutral” rating in a research report on Friday, June 7th. Johnson Rice downgraded Centennial Resource Development from a “buy” rating to an “accumulate” rating in a research report on Friday, March 22nd. BidaskClub upgraded Zai Lab from a “sell” rating to a “hold” rating in a research report on Wednesday, June 5th. Finally, Piper Jaffray Companies set a $92.00 price target on Wintrust Financial and gave the company a “buy” rating in a research report on Monday, July 8th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Centennial Resource Development presently has an average rating of “Hold” and an average target price of $16.82.

Shares of CDEV opened at $6.24 on Friday. The company has a market cap of $1.69 billion, a P/E ratio of 8.32, a PEG ratio of 2.17 and a beta of 1.92. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.27. The firm’s 50-day simple moving average is $7.23. Centennial Resource Development has a 12-month low of $5.93 and a 12-month high of $23.12.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Carroll Financial Associates Inc. increased its stake in Centennial Resource Development by 895.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 3,000 shares during the period. Hilton Capital Management LLC purchased a new position in Centennial Resource Development in the 1st quarter worth approximately $47,000. Bank of Montreal Can increased its stake in Centennial Resource Development by 7,891.2% in the 1st quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock worth $72,000 after purchasing an additional 8,049 shares during the period. Twin Tree Management LP increased its stake in Centennial Resource Development by 6,540.4% in the 1st quarter. Twin Tree Management LP now owns 9,031 shares of the oil and natural gas company’s stock worth $79,000 after purchasing an additional 8,895 shares during the period. Finally, Pinnacle Associates Ltd. purchased a new position in Centennial Resource Development in the 1st quarter worth approximately $103,000. 99.38% of the stock is currently owned by institutional investors.

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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