Centennial Resource shares ended the last trading session 8.8% higher at $8.78. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.8% loss over the past four weeks.
The recent surge in oil prices due to fears over Russian crude supply disruptions primarily drove the stock. The price of oil has risen significantly over the past few months. This is beneficial for Centennial Resource as it is a pure-play Permian Basin producer, which is the most prolific oil resource in the United States. The stock price appreciation was also backed by the company’s sound balance sheet with ample liquidity.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +3100%. Revenues are expected to be $281.47 million, up 46.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Centennial Resource, the consensus EPS estimate for the quarter has been revised 4.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CDEV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Centennial Resource belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, PDC Energy , closed the last trading session 4.1% higher at $75.66. Over the past month, PDCE has returned 9.2%.
PDC Energy's consensus EPS estimate for the upcoming report has changed +3% over the past month to $2.40. Compared to the company's year-ago EPS, this represents a change of +70.2%. PDC Energy currently boasts a Zacks Rank of #1 (Strong Buy).
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Strength Seen in Centennial Resource (CDEV): Can Its 8.8% Jump Turn into More Strength?
Centennial Resource shares ended the last trading session 8.8% higher at $8.78. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.8% loss over the past four weeks.
The recent surge in oil prices due to fears over Russian crude supply disruptions primarily drove the stock. The price of oil has risen significantly over the past few months. This is beneficial for Centennial Resource as it is a pure-play Permian Basin producer, which is the most prolific oil resource in the United States. The stock price appreciation was also backed by the company’s sound balance sheet with ample liquidity.
This company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +3100%. Revenues are expected to be $281.47 million, up 46.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Centennial Resource, the consensus EPS estimate for the quarter has been revised 4.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CDEV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Centennial Resource belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, PDC Energy , closed the last trading session 4.1% higher at $75.66. Over the past month, PDCE has returned 9.2%.
PDC Energy's consensus EPS estimate for the upcoming report has changed +3% over the past month to $2.40. Compared to the company's year-ago EPS, this represents a change of +70.2%. PDC Energy currently boasts a Zacks Rank of #1 (Strong Buy).