Centennial Resource Development (CDEV) Reaches New 1-Year Low on Disappointing Earnings

Centennial Resource Development Inc (NASDAQ:CDEV) reached a new 52-week low on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $9.85 and last traded at $9.90, with a volume of 513770 shares changing hands. The stock had previously closed at $12.71.

The oil and natural gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.03). The company had revenue of $222.50 million during the quarter, compared to analysts’ expectations of $238.16 million. Centennial Resource Development had a return on equity of 6.57% and a net margin of 23.90%. Centennial Resource Development’s revenue was up 34.0% on a year-over-year basis.

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CDEV has been the subject of several recent analyst reports. JPMorgan Chase & Co. set a $17.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Friday, December 7th. Guggenheim set a $25.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Sunday, December 23rd. Jefferies Financial Group cut their price target on shares of Centennial Resource Development to $18.00 and set a “buy” rating for the company in a report on Friday, January 4th. Seaport Global Securities set a $15.00 price target on shares of Centennial Resource Development and gave the stock a “buy” rating in a report on Tuesday. Finally, TD Securities cut their price target on shares of Centennial Resource Development from $19.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $20.40.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in Centennial Resource Development by 27.0% during the 3rd quarter. FMR LLC now owns 39,567,873 shares of the oil and natural gas company’s stock worth $864,558,000 after purchasing an additional 8,410,700 shares during the last quarter. Vanguard Group Inc. boosted its stake in Centennial Resource Development by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 15,754,084 shares of the oil and natural gas company’s stock worth $344,226,000 after purchasing an additional 370,395 shares during the last quarter. Vanguard Group Inc boosted its stake in Centennial Resource Development by 2.4% during the 3rd quarter. Vanguard Group Inc now owns 15,754,084 shares of the oil and natural gas company’s stock worth $344,226,000 after purchasing an additional 370,395 shares during the last quarter. BlackRock Inc. boosted its stake in Centennial Resource Development by 7.2% during the 4th quarter. BlackRock Inc. now owns 8,453,179 shares of the oil and natural gas company’s stock worth $93,155,000 after purchasing an additional 568,155 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in Centennial Resource Development by 9.4% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 4,924,039 shares of the oil and natural gas company’s stock worth $107,590,000 after purchasing an additional 424,015 shares during the last quarter.

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.17. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 34.50, a PEG ratio of 0.59 and a beta of 2.07.

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Centennial Resource Development Company Profile (NASDAQ:CDEV)

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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