Continental Resources Inc. (CLR) PT Set at $60.00 by Canaccord Genuity
Continental Resources Inc. (NYSE:CLR) has been given a $60.00 price objective by Canaccord Genuity in a research report issued on Friday. The brokerage currently has a a “buy” rating on the stock. Canaccord Genuity’s target price indicates a potential upside of 12.38% from the company’s previous close.
A number of other analysts have also recently issued reports on CLR. RBC Capital Markets restated an “outperform” rating and set a $51.00 target price (up previously from $48.00) on shares of Continental Resources in a research note on Friday, August 5th. Zacks Investment Research cut shares of Continental Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. SunTrust Banks Inc. upgraded shares of Continental Resources from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, August 1st. Deutsche Bank AG raised their target price on shares of Continental Resources from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Finally, Royal Bank Of Canada raised their target price on shares of Continental Resources from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, August 5th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $44.25.
Shares of Continental Resources (NYSE:CLR) traded down 1.71% during mid-day trading on Friday, reaching $53.39. 3,160,739 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $49.04 and a 200-day moving average price of $42.58. The stock’s market cap is $19.78 billion. Continental Resources has a 12 month low of $13.94 and a 12 month high of $55.07.
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Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.01. Continental Resources had a negative net margin of 24.96% and a negative return on equity of 7.57%. The firm earned $525.70 million during the quarter, compared to the consensus estimate of $518.42 million. During the same period last year, the business earned $0.13 EPS. The business’s revenue was down 33.5% on a year-over-year basis. On average, analysts predict that Continental Resources will post ($0.80) earnings per share for the current fiscal year.
In related news, SVP Steven K. Owen sold 3,200 shares of the business’s stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $46.54, for a total transaction of $148,928.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Gary E. Gould sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $50.25, for a total transaction of $251,250.00. The disclosure for this sale can be found here. Corporate insiders own 76.97% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlueMountain Capital Management LLC bought a new position in Continental Resources during the first quarter worth about $129,000. Synovus Financial Corp bought a new position in Continental Resources during the second quarter worth about $131,000. I.G. Investment Management LTD. bought 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. Finally, Westpac Banking Corp increased its position in Continental Resources by 45.1% in the second quarter. Westpac Banking Corp now owns 4,276 shares of the company’s stock worth $194,000 after buying an additional 1,329 shares during the last quarter. Institutional investors own 23.37% of the company’s stock.
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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