Continental Resources Inc. (CLR) Given a $60.00 Price Target at Canaccord Genuity
CLR has been the topic of several other research reports. KLR Group downgraded shares of Continental Resources from a buy rating to an accumulate rating and boosted their target price for the stock from $48.00 to $54.00 in a report on Monday, July 18th. Stifel Nicolaus reissued a hold rating on shares of Continental Resources in a report on Wednesday, August 31st. SunTrust Banks Inc. raised shares of 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. Deutsche Bank AG boosted their target price on shares of Continental Resources from $48.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, June 14th. Finally, Nomura boosted their target price on shares of Continental Resources from $50.00 to $54.00 and gave the stock a buy rating in a report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Continental Resources presently has an average rating of Buy and a consensus target price of $44.25.
Continental Resources (NYSE:CLR) traded up 1.5357% during midday trading on Friday, hitting $54.2099. 816,909 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 company’s market cap is $20.08 billion. The firm’s 50-day moving average is $49.04 and its 200-day moving average is $42.58.
Continental Resources (NYSE:CLR) last released its earnings results on Wednesday, August 3rd. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.17) by $0.01. Continental Resources had a negative return on equity of 7.57% and a negative net margin of 24.96%. The company earned $525.70 million during the quarter, compared to analysts’ expectations of $518.42 million. During the same period last year, the firm posted $0.13 EPS. Continental Resources’s quarterly revenue was down 33.5% compared to the same quarter last year. Analysts predict that Continental Resources will post ($0.80) EPS for the current year.
In related news, CFO John D. Hart sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $46.84, for a total value of $187,360.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jack H. Stark sold 12,000 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $49.24, for a total transaction of $590,880.00. The disclosure for this sale can be found here. 76.97% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Continental Resources by 97.7% in the second quarter. FMR LLC now owns 15,378,725 shares of the company’s stock valued at $696,195,000 after buying an additional 7,600,699 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Continental Resources by 90.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,575,000 shares of the company’s stock valued at $47,817,000 after buying an additional 750,000 shares during the period. Columbus Hill Capital Management L.P. increased its position in shares of Continental Resources by 126.0% in the second quarter. Columbus Hill Capital Management L.P. now owns 1,335,500 shares of the company’s stock valued at $60,458,000 after buying an additional 744,500 shares during the period. JVL Advisors L.L.C. increased its position in shares of Continental Resources by 361.4% in the first quarter. JVL Advisors L.L.C. now owns 885,000 shares of the company’s stock valued at $26,869,000 after buying an additional 693,200 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Continental Resources by 104.2% in the second quarter. First Trust Advisors LP now owns 1,247,279 shares of the company’s stock valued at $56,464,000 after buying an additional 636,562 shares during the period. 23.37% of the stock is owned by hedge funds and other 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.
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.