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Can Centennial Resource (CDEV) Run Higher on Strong Earnings Estimate Revisions?


Centennial Resource Development, Inc. CDEV operates as an independent oil and natural gas company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CDEV’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Centennial Resource could be a solid choice for investors.

Current Quarter Estimates for CDEV

In the past 30 days, one estimate has gone higher for Centennial Resource while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 9 cents a share 30 days ago, to 10 cents today, a move of 11.1%.

Current Year Estimates for CDEV

Meanwhile, Centennial Resource current year figures are also looking quite promising, with two estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 25 cents per share 30 days ago to 27 cents per share today, an increase of 8%.

CENTENNIAL RES Price and Consensus


Bottom Line

The stock has also started to move higher lately, adding 6.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #3 (Hold) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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