Continental Resources Inc. (CLR) Trading 3.8% Higher
Continental Resources Inc. (NYSE:CLR)’s share price traded up 3.8% on Wednesday . The company traded as high as $47.04 and last traded at $46.82, with a volume of 1,809,319 shares. The stock had previously closed at $45.11.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Continental Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. RBC Capital Markets reaffirmed an “outperform” rating and issued a $51.00 price target (up from $48.00) on shares of Continental Resources in a research note on Friday, August 5th. Deutsche Bank AG lifted their price target on shares of Continental Resources from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. SunTrust Banks Inc. raised shares of Continental Resources from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, August 1st. Finally, Nomura reaffirmed a “buy” rating and issued a $50.00 price target (up from $25.00) on shares of Continental Resources in a research note on Wednesday, May 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $43.92.
The firm has a 50 day moving average price of $47.53 and a 200-day moving average price of $40.71. The stock’s market cap is $17.53 billion.
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Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.01. The company had revenue of $525.70 million for the quarter, compared to analysts’ expectations of $518.42 million. Continental Resources had a negative net margin of 24.96% and a negative return on equity of 7.57%. The business’s revenue was down 33.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. On average, equities research analysts forecast that Continental Resources Inc. will post ($0.73) earnings per share for the current fiscal year.
In related news, COO Jack H. Stark sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $49.24, for a total value of $590,880.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Eric Spencer Eissenstat sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $45.35, for a total transaction of $453,500.00. The disclosure for this sale can be found here. Insiders own 76.97% of the company’s stock.
Several institutional investors have recently bought and sold shares of CLR. Synovus Financial Corp acquired a new position in Continental Resources during the second quarter worth about $131,000. I.G. Investment Management LTD. acquired a new position in Continental Resources during the second quarter worth about $149,000. Shell Asset Management Co. increased its position in Continental Resources by 19.3% in the second quarter. Shell Asset Management Co. now owns 3,737 shares of the company’s stock worth $169,000 after buying an additional 604 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Continental Resources by 13.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,153 shares of the company’s stock worth $126,000 after buying an additional 490 shares during the last quarter. Finally, BlueMountain Capital Management LLC acquired a new position in Continental Resources during the first quarter worth about $129,000. 23.37% of the stock is currently owned by institutional investors.
Continental Resources Company Profile
Continental Resources, Inc is an independent crude oil and natural gas exploration and production company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units.
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