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.

CDEV has been the topic of several research analyst reports. SunTrust Banks raised Centennial Resource Development from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Friday, September 7th. BidaskClub raised Centennial Resource Development from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Zacks Investment Research upgraded Centennial Resource Development from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, July 17th. KLR Group restated a “buy” rating and issued a $29.00 price objective on shares of Centennial Resource Development in a research note on Monday, August 20th. Finally, ValuEngine lowered Centennial Resource Development from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Centennial Resource Development has an average rating of “Buy” and a consensus price target of $24.74.

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.

Read More: Hedge Funds – Risk or Reward?

Get a free copy of the Zacks research report on Centennial Resource Development (CDEV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Centennial Resource Development (NASDAQ:CDEV)

Receive News & Ratings for Centennial Resource Development Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centennial Resource Development and related companies with MarketBeat.com's FREE daily email newsletter.