Brokerages Anticipate Continental Resources, Inc. (CLR) Will Post Quarterly Sales of $934.95 Million

Equities analysts forecast that Continental Resources, Inc. (NYSE:CLR) will post $934.95 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eleven analysts have provided estimates for Continental Resources’ earnings, with estimates ranging from $872.00 million to $975.00 million. Continental Resources posted sales of $549.69 million during the same quarter last year, which would indicate a positive year over year growth rate of 70.1%. The company is expected to report its next quarterly earnings report after the market closes on Wednesday, February 21st.

According to Zacks, analysts expect that Continental Resources will report full year sales of $934.95 million for the current year, with estimates ranging from $2.90 billion to $3.04 billion. For the next fiscal year, analysts anticipate that the business will post sales of $4.25 billion per share, with estimates ranging from $4.00 billion to $4.63 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Continental Resources.

CLR has been the subject of a number of recent research reports. TheStreet raised shares of Continental Resources from a “d+” rating to a “c” rating in a research report on Friday, November 17th. Royal Bank of Canada lifted their target price on shares of Continental Resources from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Zacks Investment Research raised shares of Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Wednesday, November 8th. Morgan Stanley lifted their target price on shares of Continental Resources from $43.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. Finally, Scotiabank cut their target price on shares of Continental Resources from $12.50 to $11.50 and set an “outperform” rating for the company in a report on Friday, November 10th. Nine investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $53.56.

In related news, Director Mark E. Monroe sold 20,000 shares of Continental Resources stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $47.90, for a total value of $958,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Gary E. Gould sold 9,874 shares of Continental Resources stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $50.85, for a total transaction of $502,092.90. The disclosure for this sale can be found here. Insiders sold a total of 52,874 shares of company stock worth $2,603,673 in the last three months. 76.87% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in CLR. BlackRock Inc. boosted its stake in Continental Resources by 1.4% during the 4th quarter. BlackRock Inc. now owns 4,754,734 shares of the oil and natural gas company’s stock worth $251,860,000 after purchasing an additional 64,943 shares during the last quarter. State Street Corp raised its holdings in shares of Continental Resources by 14.4% during the 2nd quarter. State Street Corp now owns 3,200,659 shares of the oil and natural gas company’s stock worth $103,474,000 after acquiring an additional 403,667 shares during the period. Jennison Associates LLC raised its holdings in shares of Continental Resources by 1.5% during the 4th quarter. Jennison Associates LLC now owns 1,631,882 shares of the oil and natural gas company’s stock worth $86,441,000 after acquiring an additional 24,848 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Continental Resources by 101.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,487,740 shares of the oil and natural gas company’s stock worth $57,798,000 after acquiring an additional 748,025 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Continental Resources during the 3rd quarter worth $52,973,000. 22.57% of the stock is currently owned by hedge funds and other institutional investors.

Continental Resources (NYSE:CLR) opened at $49.06 on Monday. Continental Resources has a 1 year low of $29.08 and a 1 year high of $58.89. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.85 and a current ratio of 0.94. The stock has a market cap of $18,407.75, a P/E ratio of -700.76 and a beta of 1.36.

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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.

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Earnings History and Estimates for Continental Resources (NYSE:CLR)

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