Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Centennial Resource Development, Inc.    CDEV

CENTENNIAL RESOURCE DEVELOPMENT, INC.

(CDEV)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Energy buyout firm Riverstone preparing cleantech SPAC IPO -sources

09/17/2020 | 06:02pm EST

NEW YORK/BOSTON, Sept 17 (Reuters) - Riverstone Holdings LLC, one of the oil and gas sector's largest private equity investors, is planning a blank-check acquisition company that will buy a business in the clean energy industry, people familiar with the matter said on Thursday.

The move illustrates how some private equity firms that have placed big bets on hydrocarbons, a sector battered by low oil prices and rising investor awareness of climate change, are increasingly focused on deploying capital into greener projects.

A buyout firm founded 20 years ago by Goldman Sachs Group Inc veterans, and which is backed by the investment bank, Riverstone is in the process of establishing a so-called special purpose acquisition company (SPAC), the sources said.

The new entity will raise money from investors in an initial public offering (IPO), which will form the basis of a war chest to buy a privately owned clean energy business, the sources said. A formal announcement about the venture could come as soon as October, two of the sources added.

Riverstone declined to comment.

Many clean energy companies have sought mergers with SPACs in recent months, a move allowing them to go public at a time when either their own operations or the technology they use is still in the early stages of development.

Investors have poured cash into SPACs buying such firms, hoping their investment can become the next Tesla Inc, the electric vehicle startup that is now the world's most valuable automaker.

Riverstone's SPAC will be the buyout firm's fourth such entity, the previous three being oil and gas-focused. The trio raised between $450 million and $1.04 billion at their respective IPOs, and the latest is expected to be in the same range, one of the sources said.

The firm's previous SPACs have had mixed results.

Centennial Resource Development Inc, an oil producer in the prolific Permian basin, was worth more than double the Riverstone SPAC's IPO price as recently as October 2018, before subsiding investor support for the U.S. shale sector dragged down the company's valuation.

Alta Mesa Holdings, an Oklahoma-focused producer, filed for bankruptcy in September 2019, less than two years after Riverstone's second SPAC completed its $3.8 billion merger with the company.

Despite its oil and gas heritage, Riverstone has also deployed significant money into the renewable energy space for more than a decade. Among its bets was Pattern Energy, which was bought earlier this year by Canadian pension fund CPPIB in a deal worth $6.1 billion including debt. (Reporting by David French in New York and Joshua Franklin in Boston Editing by Matthew Lewis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CENTENNIAL RESOURCE DEVELOPMENT, INC. -2.36% 1.24 Delayed Quote.-73.16%
LONDON BRENT OIL -0.13% 47.54 Delayed Quote.-27.73%
RIVERSTONE ENERGY LIMITED 1.77% 287 Delayed Quote.-30.68%
RIVERSTONE HOLDINGS LIMITED 2.22% 1.38 End-of-day quote.198.38%
TESLA, INC. 2.05% 585.76 Delayed Quote.600.12%
THE GOLDMAN SACHS GROUP, INC. -0.48% 235.4 Delayed Quote.2.87%
WTI -0.14% 45.085 Delayed Quote.-26.73%
All news about CENTENNIAL RESOURCE DEVELOPMENT, INC.
11/12CENTENNIAL RESOURCE DEVELOPMENT : Bank of America Global Energy Conference Prese..
PU
11/11CENTENNIAL RESOURCE DEVELOPMENT : to Present at the Bank of America Securities G..
AQ
11/10CENTENNIAL RESOURCE DEVELOPMENT : to Present at the Bank of America Securities G..
PU
11/10CENTENNIAL RESOURCE DEVELOPMENT : to Present at the Bank of America Securities G..
AQ
11/10Centennial Resource Development to Present at the Bank of America Securities ..
GL
11/03CENTENNIAL RESOURCE DEVELOPMENT : Management's Discussion and Analysis of Financ..
AQ
11/03CENTENNIAL RESOURCE DEVELOPMENT : Announces Third Quarter 2020 Results and Lower..
AQ
11/02CENTENNIAL RESOURCE : 3Q Earnings Snapshot
AQ
11/02CENTENNIAL RESOURCE DEVELOPMENT : Q3 2020 Centennial Resource Development Earnin..
PU
11/02CENTENNIAL RESOURCE DEVELOPMENT, INC : Results of Operations and Financial Condi..
AQ
More news
Financials (USD)
Sales 2020 546 M - -
Net income 2020 -625 M - -
Net Debt 2020 1 125 M - -
P/E ratio 2020 -0,55x
Yield 2020 -
Capitalization 331 M 331 M -
EV / Sales 2020 2,67x
EV / Sales 2021 2,46x
Nbr of Employees -
Free-Float 62,8%
Chart CENTENNIAL RESOURCE DEVELOPMENT, INC.
Duration : Period :
Centennial Resource Development, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CENTENNIAL RESOURCE DEVELOPMENT, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 0,92 $
Last Close Price 1,24 $
Spread / Highest target 21,0%
Spread / Average Target -25,5%
Spread / Lowest Target -59,7%
EPS Revisions
Managers
NameTitle
Sean R. Smith Chief Executive Officer & Director
Steven J. Shapiro Non-Executive Chairman
Matthew R. Garrison Chief Operating Officer & Vice President
George S. Glyphis Chief Financial Officer & Vice President
Colleen C. Proctor Vice President-Information Technology
Sector and Competitors
1st jan.Capitalization (M$)
CENTENNIAL RESOURCE DEVELOPMENT, INC.-73.16%331
TOTAL SE-23.37%118 487
GAZPROM-27.57%57 880
PUBLIC JOINT STOCK COMPANY ROSNEFT OIL COMPANY-16.26%57 341
EQUINOR ASA-16.32%54 125
PAO NOVATEK-19.70%48 945