Centennial Resource Development Inc (CDEV) Expected to Announce Quarterly Sales of $239.50 Million
Wall Street analysts expect Centennial Resource Development Inc (NASDAQ:CDEV) to post $239.50 million in sales for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Centennial Resource Development’s earnings. The highest sales estimate is $253.50 million and the lowest is $229.00 million. Centennial Resource Development reported sales of $111.61 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 114.6%. The company is expected to issue its next quarterly earnings results on Monday, November 5th.
According to Zacks, analysts expect that Centennial Resource Development will report full year sales of $948.92 million for the current financial year, with estimates ranging from $919.30 million to $991.00 million. For the next financial year, analysts anticipate that the firm will post sales of $1.34 billion, with estimates ranging from $1.28 billion to $1.42 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Centennial Resource Development.
Centennial Resource Development (NASDAQ:CDEV) last released its quarterly earnings results on Monday, August 6th. The oil and natural gas company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. The firm had revenue of $217.76 million for the quarter, compared to analysts’ expectations of $220.58 million. Centennial Resource Development had a return on equity of 5.68% and a net margin of 24.55%. The company’s revenue was up 139.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 EPS.
Large investors have recently bought and sold shares of the company. Sheets Smith Wealth Management purchased a new stake in Centennial Resource Development in the 3rd quarter worth $580,000. First Manhattan Co. increased its stake in Centennial Resource Development by 0.6% in the 3rd quarter. First Manhattan Co. now owns 1,115,282 shares of the oil and natural gas company’s stock worth $24,368,000 after buying an additional 6,725 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Centennial Resource Development in the 3rd quarter worth $447,000. Northern Trust Corp increased its stake in Centennial Resource Development by 38.5% in the 2nd quarter. Northern Trust Corp now owns 1,101,510 shares of the oil and natural gas company’s stock worth $19,893,000 after buying an additional 306,264 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Centennial Resource Development by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 689,215 shares of the oil and natural gas company’s stock worth $12,448,000 after buying an additional 51,153 shares in the last quarter. Hedge funds and other institutional investors own 94.39% of the company’s stock.
Shares of NASDAQ CDEV traded down $0.08 during midday trading on Tuesday, hitting $20.68. 52,651 shares of the stock traded hands, compared to its average volume of 2,340,834. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 74.79 and a beta of 1.30. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89. Centennial Resource Development has a one year low of $15.78 and a one year high of $23.12.
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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