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CDEV

Centennial Resource Development

$3.75

0.29 (8.38%)

16:30
11/04/19
11/04
16:30
11/04/19
16:30

Centennial Resource Development reports Q3 EPS (1c), consensus 3c

Reports Q3 revenue $229.1M, consensus $228.08M. Centennial has continued to optimize its Delaware Basin acreage position with multi-well pad co-development to drill extended laterals. During the quarter, Centennial reported strong well results from multiple intervals in both Texas and New Mexico. On the southeast portion of the Company's Toyah acreage in Reeves County, Texas, the Barracuda unit was drilled with approximate 10,300-foot laterals and included one Third Bone Spring Sand well and two Upper Wolfcamp A wells. The wells averaged 1,918 barrels of oil equivalent per day ("Boe/d"), or 1,583 Bbls/d of oil, for the initial 30-day production period. Based on recent operational results, Centennial increased its 2019 oil growth target from 18% to 22% and total company growth target from 17% to 22%. The Company increased the number of completed wells expected this year, as a result of efficiencies gained to date. Centennial's full-year capital budget remains unchanged. The Company also lowered its full-year 2019 guidance ranges for Cash G&A and DD&A, while increasing LOE on a per unit basis.

  • 05

    Nov

  • 05

    Nov

CDEV Centennial Resource Development
$3.75

0.29 (8.38%)

09/16/19
RHCO
09/16/19
UPGRADE
RHCO
Buy
Centennial Resource Development upgraded to Buy from Hold at SunTrust
09/16/19
RHCO
09/16/19
UPGRADE
Target $8
RHCO
Buy
Centennial Resource Development upgraded to Buy from Hold at SunTrust
SunTrust analyst Neal Dingmann upgraded Centennial Resource Development to Buy and raised his price target to $8 from $5, saying he has always viewed the company as "one of the better small cap operators" based on its premium Permian assets. Now the analyst says his concerns about the company's free cash flow outspend have also diminished, and he sees Centennial Resource becoming close to neutrality at some point next year, with the latest geopolitical events set to cause WTI to remain above $60 per barrel for months to come. Dingmann further believes that the company's more active upcoming rig program should give it greater operational flexibility that was previously lacking.
10/10/19
GHSC
10/10/19
DOWNGRADE
GHSC
Neutral
Centennial Resource downgraded to Neutral from Buy at Seaport Global
10/10/19
GHSC
10/10/19
DOWNGRADE
GHSC
Neutral
Seaport Global downgrades Centennial Resource to Neutral among 13 E&P downgrades
As previously reported, Seaport Global analyst Mike Kelly downgraded Centennial Resource Development to Neutral from Buy. The rating change was among 13 downgrades made in the E&P sector by Kelly, who contends that "the 2020 oil macro set up is a mess." On Centennial Resource specifically, he is concerned about a lack of free cash flow over the next two years and also sees leverage increasing in FY20. He also notes his expectation for a lack of organic growth.

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