An issue of Continental Resources, Inc. (NYSE:CLR) bonds rose 1.1% against their face value during trading on Tuesday after Piper Jaffray Companies lowered their price target on the stock from $52.00 to $42.00. The high-yield issue of debt has a 4.9% coupon and is set to mature on June 1, 2044. The bonds in the issue are now trading at $89.50 and were trading at $86.63 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

A number of other equities research analysts also recently weighed in on the company. Scotiabank reaffirmed a “buy” rating and set a $52.00 price objective on shares of Continental Resources in a report on Friday, June 30th. Royal Bank of Canada set a $63.00 price objective on Continental Resources and gave the company a “buy” rating in a report on Saturday, June 3rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $62.00 price objective on shares of Continental Resources in a report on Friday, May 26th. Cowen and Company set a $35.00 price objective on Continental Resources and gave the company a “hold” rating in a report on Tuesday, July 18th. Finally, Barclays PLC set a $37.00 price objective on Continental Resources and gave the company an “overweight” rating in a report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $45.83.

A number of hedge funds have recently bought and sold shares of CLR. ProShare Advisors LLC raised its position in Continental Resources by 6.2% in the 1st quarter. ProShare Advisors LLC now owns 8,062 shares of the oil and natural gas company’s stock worth $366,000 after purchasing an additional 471 shares during the last quarter. Wells Fargo & Company MN raised its position in Continental Resources by 259.3% in the 1st quarter. Wells Fargo & Company MN now owns 195,192 shares of the oil and natural gas company’s stock worth $8,866,000 after purchasing an additional 140,868 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Continental Resources by 15.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,367 shares of the oil and natural gas company’s stock worth $342,000 after purchasing an additional 984 shares during the last quarter. Bank of New York Mellon Corp raised its position in Continental Resources by 3.1% in the 1st quarter. Bank of New York Mellon Corp now owns 799,980 shares of the oil and natural gas company’s stock worth $36,336,000 after purchasing an additional 24,204 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in Continental Resources by 29.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 37,010 shares of the oil and natural gas company’s stock worth $1,681,000 after purchasing an additional 8,455 shares during the last quarter. Hedge funds and other institutional investors own 23.30% of the company’s stock.

The firm has a 50-day moving average of $33.93 and a 200-day moving average of $37.73. The company’s market capitalization is $13.74 billion.

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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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