Centennial Resource Development Inc (NASDAQ:CDEV) Stock Falls Further After Quarterly Earnings

There have been many stocks which have recorded significant declines over the course of the past week and one of those is the Centennial Resource Development Inc (NASDAQ:CDEV) stock. The stock has experienced a strong selloff in the past week and declined by as much as 12%.

However, at the same time, it is important to consider the fact that there has been no material news about the company in the past week that could have triggered this decline. The last time any news emerged about the company was back on July 28 this year when Centennial Resource announced that it was going to announce its financial results for the second fiscal quarter on August 3, 2021.

At the time the company also noted that it was also going to host a conference call  on August 4, 2021 at 8 in the morning Eastern Time. In the second quarter, the company managed to generate net cash to the tune of $107.3 million from its operating activities and on top of that, it also recorded free cash flow to the tune of $34.2 million. On the other hand, the net loss during the quarter came in at $25.1 million, which worked out to $0.09 per diluted share.