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Why Centennial Resource Development Stock Is Rallying Today

TheMotleyFool

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Why Centennial Resource Development Stock Is Rallying TodayPhoto, wide shot, wide-angle lens, Gas company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/01083d82-021d-4573-8c40-0e836a0771d6.png

Shares of Centennial Resource Development (NASDAQ: CDEV) had surged nearly 10% by 12:15 p.m. EST on Wednesday. Fueling the oil stock was its 2021 outlook, which more than offset its lackluster fourth-quarter results.

Centennial Resource closed the books on a rough year. It reported a loss of $88.7 million, or $0.32 per share, which missed the consensus estimate by $0.23 per share. That pushed its full-year loss to $682.8 million, or $2.46 per share, driven primarily by a non-cash impairment charge it took during the first quarter due to historically low oil prices.

Image source: Getty Images.

Source Fool.com

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