Stephens Initiates Coverage on Continental Resources (CLR)
Research analysts at Stephens began coverage on shares of Continental Resources (NYSE:CLR) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $88.00 price target on the oil and natural gas company’s stock. Stephens’ price target would suggest a potential upside of 86.32% from the company’s current price.
Other research analysts have also issued research reports about the stock. TD Securities increased their price target on shares of Continental Resources from $73.00 to $74.00 and gave the stock a “hold” rating in a research report on Wednesday, August 8th. BMO Capital Markets cut shares of Continental Resources from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 9th. They noted that the move was a valuation call. Morgan Stanley upped their price objective on shares of Continental Resources from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, August 16th. Guggenheim reaffirmed a “buy” rating and set a $74.00 price objective on shares of Continental Resources in a research note on Thursday, November 1st. Finally, Barclays started coverage on shares of Continental Resources in a research note on Wednesday, August 29th. They set an “overweight” rating and a $77.00 price objective on the stock. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-five have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $71.17.
NYSE:CLR opened at $47.23 on Thursday. Continental Resources has a 12-month low of $43.53 and a 12-month high of $71.95. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.92 and a quick ratio of 0.85. The stock has a market capitalization of $17.34 billion, a P/E ratio of 92.61, a price-to-earnings-growth ratio of 0.67 and a beta of 1.47.
In other news, SVP Gary E. Gould sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $67.00, for a total transaction of $335,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 76.83% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. bought a new stake in shares of Continental Resources during the third quarter valued at approximately $539,000. Belpointe Asset Management LLC bought a new stake in shares of Continental Resources during the third quarter valued at approximately $310,000. Morgan Stanley grew its stake in shares of Continental Resources by 12.3% during the third quarter. Morgan Stanley now owns 1,695,983 shares of the oil and natural gas company’s stock valued at $115,802,000 after purchasing an additional 185,580 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Continental Resources by 1.8% during the third quarter. Legal & General Group Plc now owns 356,339 shares of the oil and natural gas company’s stock valued at $24,331,000 after purchasing an additional 6,432 shares during the last quarter. Finally, Lombard Odier Asset Management USA Corp bought a new stake in shares of Continental Resources during the third quarter valued at approximately $6,623,000. 21.61% of the stock is currently owned by institutional investors and hedge funds.
About Continental Resources
Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties in the north, south, and east regions of the United States. The company sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies.
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