Centennial Resource Development Inc (NASDAQ:CDEV) – Stock analysts at KeyCorp lowered their Q1 2021 EPS estimates for shares of Centennial Resource Development in a report issued on Thursday, March 19th. KeyCorp analyst L. Mariani now anticipates that the oil and natural gas company will post earnings per share of ($0.01) for the quarter, down from their previous estimate of $0.03. KeyCorp has a “Overweight” rating and a $6.00 price objective on the stock. KeyCorp also issued estimates for Centennial Resource Development’s Q3 2021 earnings at $0.01 EPS and Q4 2021 earnings at $0.03 EPS.
Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Monday, February 24th. The oil and natural gas company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Centennial Resource Development had a net margin of 1.67% and a return on equity of 1.78%. The business had revenue of $256.40 million for the quarter, compared to analysts’ expectations of $243.01 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis.
CDEV has been the topic of a number of other research reports. SunTrust Banks downgraded Centennial Resource Development from a “hold” rating to a “sell” rating in a report on Monday, March 9th. TD Securities reduced their price target on Centennial Resource Development from $5.50 to $3.50 and set a “hold” rating on the stock in a report on Tuesday, February 25th. Barclays downgraded Centennial Resource Development from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $6.00 to $3.00 in a report on Friday, December 6th. Credit Suisse Group restated a “neutral” rating on shares of Centennial Resource Development in a report on Thursday. Finally, Royal Bank of Canada downgraded Centennial Resource Development from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $5.00 to $2.50 in a report on Monday, March 9th. Six research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $5.00.
Shares of NASDAQ:CDEV opened at $0.52 on Monday. Centennial Resource Development has a 1 year low of $0.25 and a 1 year high of $10.95. The company has a market cap of $123.76 million, a PE ratio of 8.67, a P/E/G ratio of 3.35 and a beta of 2.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.47 and a quick ratio of 0.47. The stock’s 50-day moving average is $2.11 and its 200 day moving average is $3.52.
Several institutional investors and hedge funds have recently modified their holdings of CDEV. First Trust Advisors LP boosted its position in shares of Centennial Resource Development by 32.8% in the 1st quarter. First Trust Advisors LP now owns 562,517 shares of the oil and natural gas company’s stock worth $4,945,000 after purchasing an additional 138,857 shares in the last quarter. Waratah Capital Advisors Ltd. bought a new stake in shares of Centennial Resource Development in the 3rd quarter worth approximately $748,000. California Public Employees Retirement System boosted its position in shares of Centennial Resource Development by 83.0% in the 3rd quarter. California Public Employees Retirement System now owns 326,844 shares of the oil and natural gas company’s stock worth $1,476,000 after purchasing an additional 148,212 shares in the last quarter. State Street Corp boosted its position in shares of Centennial Resource Development by 17.0% in the 3rd quarter. State Street Corp now owns 7,578,216 shares of the oil and natural gas company’s stock worth $34,216,000 after purchasing an additional 1,102,122 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Centennial Resource Development in the 3rd quarter worth approximately $67,000.
In related news, CFO George S. Glyphis purchased 15,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were purchased at an average cost of $1.91 per share, with a total value of $28,650.00. Following the transaction, the chief financial officer now directly owns 708,388 shares in the company, valued at approximately $1,353,021.08. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven J. Shapiro purchased 50,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was bought at an average cost of $1.92 per share, for a total transaction of $96,000.00. Following the completion of the transaction, the director now owns 146,002 shares in the company, valued at $280,323.84. The disclosure for this purchase can be found here. Insiders own 31.30% of the company’s stock.
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.
