Continental Resources Inc. (CLR) Upgraded at Barclays PLC
Continental Resources Inc. (NYSE:CLR) was upgraded by analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday. The brokerage presently has a $60.00 price target on the stock, up from their previous price target of $48.00. Barclays PLC’s target price indicates a potential upside of 16.17% from the company’s current price.
Other research analysts have also issued reports about the company. RBC Capital Markets reissued an “outperform” rating and set a $51.00 target price (up from $48.00) on shares of Continental Resources in a report on Friday, August 5th. Zacks Investment Research lowered Continental Resources from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. SunTrust Banks Inc. raised Continental Resources from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, August 1st. Canaccord Genuity set a $51.00 target price on Continental Resources and gave the stock a “buy” rating in a report on Thursday, August 18th. Finally, Royal Bank Of Canada boosted their target price on Continental Resources from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $45.77.
Continental Resources (NYSE:CLR) traded down 0.35% on Monday, reaching $51.60. The company’s stock had a trading volume of 1,342,109 shares. Continental Resources has a 12 month low of $13.94 and a 12 month high of $55.07. The company has a 50-day moving average price of $49.63 and a 200 day moving average price of $43.33. The company’s market cap is $19.12 billion.
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Continental Resources (NYSE:CLR) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.01. The business had revenue of $525.70 million for the quarter, compared to analyst estimates of $518.42 million. Continental Resources had a negative return on equity of 7.57% and a negative net margin of 24.96%. The firm’s revenue was down 33.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. On average, equities research analysts anticipate that Continental Resources will post ($0.80) EPS for the current fiscal year.
In other Continental Resources news, SVP Gary E. Gould sold 5,000 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $50.25, for a total value of $251,250.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jack H. Stark sold 12,000 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $49.24, for a total value of $590,880.00. The disclosure for this sale can be found here. 76.97% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLR. Ranger Investment Management L.P. raised its position in Continental Resources by 1.1% in the second quarter. Ranger Investment Management L.P. now owns 5,548 shares of the company’s stock worth $251,000 after buying an additional 60 shares in the last quarter. BOKF NA raised its position in Continental Resources by 0.4% in the second quarter. BOKF NA now owns 14,733 shares of the company’s stock worth $667,000 after buying an additional 61 shares in the last quarter. IBM Retirement Fund raised its position in Continental Resources by 1.0% in the second quarter. IBM Retirement Fund now owns 8,753 shares of the company’s stock worth $396,000 after buying an additional 87 shares in the last quarter. Brown Advisory Inc. raised its position in Continental Resources by 0.7% in the second quarter. Brown Advisory Inc. now owns 17,220 shares of the company’s stock worth $779,000 after buying an additional 112 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC raised its position in Continental Resources by 4.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 8,250 shares of the company’s stock worth $373,000 after buying an additional 336 shares in the last quarter. Institutional investors and hedge funds own 23.36% 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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