Brokerages Anticipate Centennial Resource Development Inc (CDEV) Will Post Earnings of $0.10 Per Share

Brokerages forecast that Centennial Resource Development Inc (NASDAQ:CDEV) will report $0.10 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Centennial Resource Development’s earnings, with the lowest EPS estimate coming in at $0.07 and the highest estimate coming in at $0.13. The business is expected to issue its next earnings report on Monday, February 5th.

On average, analysts expect that Centennial Resource Development will report full year earnings of $0.27 per share for the current fiscal year, with EPS estimates ranging from $0.25 to $0.29. For the next year, analysts expect that the company will post earnings of $0.77 per share, with EPS estimates ranging from $0.49 to $0.93. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Centennial Resource Development.

Centennial Resource Development (NASDAQ:CDEV) last issued its quarterly earnings data on Monday, November 6th. The oil and natural gas company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.01. Centennial Resource Development had a negative net margin of 49.20% and a negative return on equity of 5.52%.

A number of equities research analysts have commented on the stock. BidaskClub upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating in a research note on Thursday, January 25th. Zacks Investment Research upgraded shares of Centennial Resource Development from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Monday, January 29th. Stifel Nicolaus set a $25.00 target price on shares of Centennial Resource Development and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Scotiabank restated a “buy” rating and set a $22.00 target price on shares of Centennial Resource Development in a research note on Tuesday, November 7th. Finally, Guggenheim assumed coverage on shares of Centennial Resource Development in a research note on Monday, January 29th. They set a “buy” rating and a $29.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $23.53.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement Association of Colorado grew its holdings in Centennial Resource Development by 123.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 7,781 shares of the oil and natural gas company’s stock valued at $154,000 after buying an additional 4,298 shares in the last quarter. Comerica Bank grew its holdings in Centennial Resource Development by 23.7% during the 4th quarter. Comerica Bank now owns 16,710 shares of the oil and natural gas company’s stock valued at $357,000 after buying an additional 3,199 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Centennial Resource Development by 44.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,033 shares of the oil and natural gas company’s stock valued at $159,000 after buying an additional 2,490 shares in the last quarter. Cypress Capital Management LLC WY purchased a new stake in Centennial Resource Development during the 4th quarter valued at approximately $230,000. Finally, TIAA FSB grew its holdings in Centennial Resource Development by 3.4% during the 4th quarter. TIAA FSB now owns 81,403 shares of the oil and natural gas company’s stock valued at $1,611,000 after buying an additional 2,647 shares in the last quarter. 93.53% of the stock is owned by institutional investors and hedge funds.

Shares of Centennial Resource Development (CDEV) traded down $0.73 during trading hours on Tuesday, hitting $19.65. 2,376,526 shares of the stock traded hands, compared to its average volume of 1,639,388. Centennial Resource Development has a 52-week low of $14.10 and a 52-week high of $22.14. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06.

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About Centennial Resource Development

Centennial Resource Development, Inc is an independent oil and natural gas company. The Company is focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.

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