Continental Resources, Inc. (NYSE:CLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $51.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.28% from the stock’s current price.

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. “

A number of other research analysts also recently issued reports on the stock. KeyCorp restated a “hold” rating on shares of Continental Resources in a research report on Monday. BMO Capital Markets raised their price target on shares of Continental Resources from $8.00 to $11.00 in a research report on Monday. SunTrust Banks, Inc. restated a “buy” rating and issued a $55.00 price target on shares of Continental Resources in a research report on Friday. Scotiabank reduced their price target on shares of Continental Resources from $12.50 to $11.50 and set an “outperform” rating on the stock in a research report on Friday. Finally, Royal Bank Of Canada raised their price target on shares of Continental Resources from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company’s stock. Continental Resources has a consensus rating of “Buy” and an average price target of $46.35.

Continental Resources (CLR) traded down $0.86 during midday trading on Tuesday, reaching $45.83. 3,974,900 shares of the company’s stock were exchanged, compared to its average volume of 2,870,929. Continental Resources has a 12-month low of $29.08 and a 12-month high of $60.30. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. The company has a market cap of $17,518.50, a P/E ratio of 1,167.25 and a beta of 1.40.

Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.05. Continental Resources had a negative net margin of 0.95% and a positive return on equity of 0.23%. The company had revenue of $726.74 million for the quarter, compared to the consensus estimate of $710.77 million. During the same period last year, the firm posted ($0.22) EPS. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. research analysts predict that Continental Resources will post 0.23 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This report was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this report on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright legislation. The correct version of this report can be viewed at https://www.americanbankingnews.com/2017/11/14/zacks-investment-research-upgrades-continental-resources-inc-clr-to-buy.html.

Large investors have recently bought and sold shares of the company. Gateway Investment Advisers LLC boosted its position in shares of Continental Resources by 8.0% during the 4th quarter. Gateway Investment Advisers LLC now owns 477,391 shares of the oil and natural gas company’s stock valued at $10,970,000 after purchasing an additional 35,530 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Continental Resources by 7.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 142,660 shares of the oil and natural gas company’s stock valued at $3,279,000 after purchasing an additional 9,730 shares in the last quarter. British Airways Pensions Investment Management Ltd boosted its position in shares of Continental Resources by 59.1% during the 4th quarter. British Airways Pensions Investment Management Ltd now owns 715,210 shares of the oil and natural gas company’s stock valued at $16,444,000 after purchasing an additional 265,740 shares in the last quarter. Caymus Capital Partners L.P. boosted its position in shares of Continental Resources by 43.4% during the 4th quarter. Caymus Capital Partners L.P. now owns 2,322,000 shares of the oil and natural gas company’s stock valued at $53,360,000 after purchasing an additional 703,100 shares in the last quarter. Finally, Bridgeway Capital Management Inc. bought a new position in shares of Continental Resources during the 2nd quarter valued at about $28,606,000. Institutional investors own 23.27% of the company’s stock.

About Continental Resources

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.

Get a free copy of the Zacks research report on Continental Resources (CLR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Continental Resources (NYSE:CLR)

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.