Equities Analysts Issue Forecasts for Centennial Resource Development Inc’s Q3 2019 Earnings (CDEV)

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Centennial Resource Development Inc (NASDAQ:CDEV) – Jefferies Financial Group lowered their Q3 2019 earnings estimates for Centennial Resource Development in a note issued to investors on Wednesday, November 7th. Jefferies Financial Group analyst Z. Parham now forecasts that the oil and natural gas company will post earnings per share of $0.20 for the quarter, down from their prior estimate of $0.22. Jefferies Financial Group currently has a “Buy” rating and a $23.00 target price on the stock. Jefferies Financial Group also issued estimates for Centennial Resource Development’s Q4 2019 earnings at $0.31 EPS, FY2019 earnings at $0.97 EPS, Q1 2020 earnings at $0.36 EPS, Q2 2020 earnings at $0.40 EPS, Q3 2020 earnings at $0.43 EPS and FY2020 earnings at $1.65 EPS.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. The company had revenue of $234.88 million for the quarter, compared to analyst estimates of $239.43 million. The firm’s revenue was up 110.4% compared to the same quarter last year.

A number of other equities research analysts have also recently commented on the company. BidaskClub raised Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Wednesday, September 12th. SunTrust Banks raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Friday, September 7th. Barclays initiated coverage on Centennial Resource Development in a research note on Wednesday, August 29th. They set an “overweight” rating and a $24.00 price objective for the company. Royal Bank of Canada set a $30.00 price objective on Centennial Resource Development and gave the stock a “buy” rating in a research note on Monday, October 1st. Finally, KLR Group reaffirmed a “buy” rating and set a $29.00 price objective on shares of Centennial Resource Development in a research note on Monday, August 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Centennial Resource Development presently has an average rating of “Buy” and a consensus target price of $24.89.

Shares of Centennial Resource Development stock opened at $18.54 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.79 and a debt-to-equity ratio of 0.17. Centennial Resource Development has a 12 month low of $15.78 and a 12 month high of $23.12. The firm has a market cap of $5.47 billion, a P/E ratio of 66.21 and a beta of 1.51.

A number of hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its holdings in Centennial Resource Development by 10.2% during the third quarter. Commonwealth Equity Services LLC now owns 27,638 shares of the oil and natural gas company’s stock worth $603,000 after acquiring an additional 2,566 shares in the last quarter. First Mercantile Trust Co. lifted its holdings in Centennial Resource Development by 9.1% during the third quarter. First Mercantile Trust Co. now owns 33,523 shares of the oil and natural gas company’s stock worth $732,000 after acquiring an additional 2,810 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Centennial Resource Development by 9.8% during the second quarter. Teacher Retirement System of Texas now owns 31,706 shares of the oil and natural gas company’s stock worth $573,000 after acquiring an additional 2,836 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Centennial Resource Development by 0.5% during the third quarter. Bank of New York Mellon Corp now owns 692,980 shares of the oil and natural gas company’s stock worth $15,141,000 after acquiring an additional 3,765 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in Centennial Resource Development by 1.5% during the third quarter. Swiss National Bank now owns 276,000 shares of the oil and natural gas company’s stock worth $6,031,000 after acquiring an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors own 94.31% of the company’s stock.

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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