CDEV - Why Centennial Resource Development Stock Is Slumping Today
Shares of Centennial Resource Development (NASDAQ: CDEV) were down more than 5% by 3 p.m. ET on Thursday. Weighing on the oil stock was its first-quarter results.
Centennial Resource Development reported $15.8 million, or $0.05 per share, of net income during the first quarter. While that was an improvement from a net loss of $34.6 million, or $0.12 per share, in the year-ago period, it was well below the analyst consensus estimate that it would earn $0.36 per share. That's mainly due to a $129.5 million loss on its hedging contracts because of higher-than-expected oil prices.
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Why Centennial Resource Development Stock Is Slumping Today