Centennial Resource closed the most recent trading day at $6.59, moving +0.76% from the previous trading session. The stock lagged the S&P 500's daily gain of 1.21%. Elsewhere, the Dow gained 1.03%, while the tech-heavy Nasdaq added 0.14%.
Heading into today, shares of the company had gained 4.14% over the past month, outpacing the Oils-Energy sector's gain of 2.47% and the S&P 500's gain of 3.2% in that time.
Investors will be hoping for strength from Centennial Resource as it approaches its next earnings release, which is expected to be August 3, 2022. In that report, analysts expect Centennial Resource to post earnings of $0.41 per share. This would mark year-over-year growth of 1950%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $393.84 million, up 69.33% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.89 per share and revenue of $1.98 billion. These totals would mark changes of +173.91% and +92.21%, respectively, from last year.
Any recent changes to analyst estimates for Centennial Resource should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 8.24% lower. Centennial Resource is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Centennial Resource is holding a Forward P/E ratio of 3.45. This represents a discount compared to its industry's average Forward P/E of 4.98.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 39, putting it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CDEV in the coming trading sessions, be sure to utilize Zacks.com.