Jefferies Financial Group Comments on Centennial Resource Development Inc’s Q1 2019 Earnings (CDEV)

Centennial Resource Development Inc (NASDAQ:CDEV) – Equities researchers at Jefferies Financial Group cut their Q1 2019 earnings per share estimates for Centennial Resource Development in a report issued on Monday, April 22nd. Jefferies Financial Group analyst Z. Parham now anticipates that the oil and natural gas company will post earnings of $0.02 per share for the quarter, down from their prior estimate of $0.06. Jefferies Financial Group currently has a “Buy” rating and a $18.00 target price on the stock. Jefferies Financial Group also issued estimates for Centennial Resource Development’s Q2 2019 earnings at $0.06 EPS, Q4 2019 earnings at $0.05 EPS, FY2019 earnings at $0.19 EPS, Q1 2020 earnings at $0.06 EPS, Q2 2020 earnings at $0.08 EPS, Q3 2020 earnings at $0.09 EPS, Q4 2020 earnings at $0.11 EPS and FY2020 earnings at $0.35 EPS.

Centennial Resource Development (NASDAQ:CDEV) last posted its quarterly earnings results on Monday, February 25th. The oil and natural gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.03). Centennial Resource Development had a return on equity of 6.51% and a net margin of 22.43%. The company had revenue of $222.50 million for the quarter, compared to analysts’ expectations of $238.16 million. The company’s revenue was up 34.0% on a year-over-year basis.



Other analysts also recently issued reports about the company. Johnson Rice downgraded Centennial Resource Development from a “buy” rating to an “accumulate” rating in a research report on Friday, March 22nd. BidaskClub raised Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Friday, April 19th. Credit Suisse Group set a $12.00 price objective on Centennial Resource Development and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Guggenheim set a $20.00 price objective on Centennial Resource Development and gave the stock a “buy” rating in a research report on Tuesday, February 26th. Finally, Zacks Investment Research raised Centennial Resource Development from a “sell” rating to a “hold” rating in a research report on Wednesday, February 6th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $18.75.

NASDAQ CDEV opened at $10.73 on Tuesday. Centennial Resource Development has a 52 week low of $8.28 and a 52 week high of $23.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $2.93 billion, a PE ratio of 14.31, a P/E/G ratio of 1.74 and a beta of 1.83.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in Centennial Resource Development by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 692,980 shares of the oil and natural gas company’s stock valued at $15,141,000 after purchasing an additional 3,765 shares in the last quarter. BlackRock Inc. increased its stake in Centennial Resource Development by 5.3% in the third quarter. BlackRock Inc. now owns 7,885,024 shares of the oil and natural gas company’s stock valued at $172,288,000 after purchasing an additional 396,452 shares in the last quarter. Credit Suisse AG increased its stake in Centennial Resource Development by 17.7% in the third quarter. Credit Suisse AG now owns 124,345 shares of the oil and natural gas company’s stock valued at $2,716,000 after purchasing an additional 18,662 shares in the last quarter. Jane Street Group LLC bought a new stake in Centennial Resource Development in the third quarter valued at $527,000. Finally, Man Group plc bought a new stake in Centennial Resource Development in the third quarter valued at $4,036,000.

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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