Continental Resources, Inc. (CLR) Downgraded by Zacks Investment Research to Sell
Continental Resources, Inc. (NYSE:CLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “CONTINENTAL RESOURCES is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. “
CLR has been the subject of several other research reports. Credit Suisse Group upgraded shares of Continental Resources from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $40.00 to $57.00 in a report on Friday, May 5th. They noted that the move was a valuation call. Scotiabank set a $62.00 target price on shares of Continental Resources and gave the stock a “buy” rating in a report on Monday, March 27th. Barclays PLC restated a “buy” rating and set a $53.00 target price (down previously from $58.00) on shares of Continental Resources in a report on Thursday, April 20th. ValuEngine cut shares of Continental Resources from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Seaport Global Securities cut shares of Continental Resources from a “buy” rating to a “sell” rating and reduced their target price for the stock from $57.00 to $20.00 in a report on Wednesday, June 21st. Four research analysts have rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $53.95.
Shares of Continental Resources (CLR) traded up 2.11% during mid-day trading on Tuesday, reaching $31.42. 2,912,429 shares of the company were exchanged. The stock’s market capitalization is $11.66 billion. Continental Resources has a 12 month low of $29.08 and a 12 month high of $60.30. The firm has a 50-day moving average price of $36.52 and a 200 day moving average price of $44.29.
Continental Resources (NYSE:CLR) last announced its earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.02 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.02. Continental Resources had a negative net margin of 9.08% and a negative return on equity of 3.93%. The business had revenue of $685.43 million during the quarter, compared to analysts’ expectations of $646.46 million. Equities research analysts anticipate that Continental Resources will post $0.34 EPS for the current fiscal year.
In related news, CEO Harold Hamm acquired 36,452 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were bought at an average cost of $42.05 per share, with a total value of $1,532,806.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 76.97% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Continental Resources by 4,992.6% in the first quarter. BlackRock Inc. now owns 4,961,398 shares of the oil and natural gas company’s stock valued at $225,346,000 after buying an additional 4,863,974 shares during the last quarter. Bank of America Corp DE raised its position in Continental Resources by 86.6% in the first quarter. Bank of America Corp DE now owns 3,497,989 shares of the oil and natural gas company’s stock worth $158,879,000 after buying an additional 1,623,470 shares in the last quarter. Norges Bank acquired a new position in Continental Resources during the fourth quarter worth approximately $36,323,000. Renaissance Technologies LLC acquired a new position in Continental Resources during the first quarter worth approximately $22,855,000. Finally, Teachers Advisors LLC raised its position in Continental Resources by 14.3% in the fourth quarter. Teachers Advisors LLC now owns 2,444,638 shares of the oil and natural gas company’s stock worth $125,997,000 after buying an additional 305,643 shares in the last quarter. 23.02% of the stock is currently owned by institutional investors.
Continental Resources Company Profile
Continental Resources, Inc is a crude oil and natural gas 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Continental Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Continental Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.