Continental Resources Inc. (CLR) Upgraded by Barclays PLC to “Overweight”
Continental Resources Inc. (NYSE:CLR) was upgraded by equities researchers at Barclays PLC from an “equal weight” rating to an “overweight” rating in a report issued on Monday. The firm currently has a $60.00 target price on the stock, up from their prior target price of $48.00. Barclays PLC’s target price indicates a potential upside of 15.85% from the company’s current price.
Several other equities analysts also recently weighed in on CLR. Canaccord Genuity raised their price target on Continental Resources to $50.00 and gave the company a “buy” rating in a report on Monday, June 20th. Scotiabank lifted their price objective on Continental Resources from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, June 22nd. KLR Group downgraded Continental Resources from a “buy” rating to an “accumulate” rating and lifted their price objective for the stock from $48.00 to $54.00 in a report on Monday, July 18th. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Monday, July 18th. Finally, SunTrust Banks Inc. upgraded Continental Resources from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $45.77.
Continental Resources (NYSE:CLR) traded up 0.02% during mid-day trading on Monday, hitting $51.79. 2,170,535 shares of the stock traded hands. Continental Resources has a 52-week low of $13.94 and a 52-week high of $55.07. The firm’s 50-day moving average is $49.70 and its 200 day moving average is $43.68. The firm’s market cap is $19.19 billion.
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Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $525.70 million for the quarter, compared to the consensus estimate of $518.42 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. Continental Resources’s revenue was down 33.5% compared to the same quarter last year. Equities analysts predict that Continental Resources will post ($0.80) EPS for the current fiscal year.
In related news, CFO John D. Hart sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $46.84, for a total value of $187,360.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Gary E. Gould sold 5,000 shares of the business’s 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 disclosure for this sale can be found here. 76.97% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CLR. Nisa Investment Advisors L.L.C. acquired a new position in Continental Resources during the first quarter worth approximately $431,000. Franklin Resources Inc. acquired a new position in Continental Resources during the first quarter worth approximately $243,000. BlackRock Inc. boosted its position in Continental Resources by 27.5% in the first quarter. BlackRock Inc. now owns 83,755 shares of the company’s stock worth $2,543,000 after buying an additional 18,076 shares in the last quarter. BlackRock Group LTD boosted its position in Continental Resources by 12.1% in the first quarter. BlackRock Group LTD now owns 636,248 shares of the company’s stock worth $19,318,000 after buying an additional 68,660 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Continental Resources by 11.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,311,036 shares of the company’s stock worth $70,163,000 after buying an additional 242,847 shares in the last quarter. 23.36% of the stock is currently owned by institutional investors.
About Continental Resources
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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