Continental Resources, Inc. (NYSE:CLR) Short Interest Down 12.3% in July

Continental Resources, Inc. (NYSE:CLRGet Rating) saw a significant drop in short interest in July. As of July 31st, there was short interest totalling 3,360,000 shares, a drop of 12.3% from the July 15th total of 3,830,000 shares. Based on an average daily trading volume, of 1,750,000 shares, the short-interest ratio is presently 1.9 days. Currently, 2.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC bought a new position in Continental Resources during the first quarter worth about $26,000. Acadian Asset Management LLC bought a new position in Continental Resources during the first quarter worth about $36,000. Ronald Blue Trust Inc. bought a new position in Continental Resources during the second quarter worth about $44,000. Atlas Capital Advisors LLC bought a new position in Continental Resources during the first quarter worth about $47,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Continental Resources by 507.8% during the first quarter. Steward Partners Investment Advisory LLC now owns 778 shares of the oil and natural gas company’s stock worth $48,000 after purchasing an additional 650 shares during the period. Institutional investors own 13.41% of the company’s stock.

Continental Resources Stock Performance

CLR stock traded up $0.43 during trading on Wednesday, reaching $68.03. 24,208 shares of the stock were exchanged, compared to its average volume of 966,895. Continental Resources has a twelve month low of $32.15 and a twelve month high of $75.49. The company has a market capitalization of $24.69 billion, a P/E ratio of 8.41, a price-to-earnings-growth ratio of 0.15 and a beta of 2.52. The stock has a 50 day simple moving average of $66.58 and a 200-day simple moving average of $62.23. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 0.60.

Continental Resources (NYSE:CLRGet Rating) last released its earnings results on Thursday, July 28th. The oil and natural gas company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.05 by $0.42. Continental Resources had a return on equity of 40.32% and a net margin of 37.73%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up 114.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Continental Resources will post 11.91 earnings per share for the current year.

Continental Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 22nd. Shareholders of record on Monday, August 8th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Friday, August 5th. Continental Resources’s dividend payout ratio is 13.91%.

Analysts Set New Price Targets

Several research firms have weighed in on CLR. StockNews.com lowered Continental Resources from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. Wells Fargo & Company lowered Continental Resources from an “overweight” rating to an “equal weight” rating and set a $82.00 target price on the stock. in a report on Wednesday, June 15th. Piper Sandler lowered Continental Resources from a “neutral” rating to a “sell” rating and cut their target price for the company from $76.00 to $70.00 in a report on Tuesday, August 2nd. Stifel Nicolaus lowered Continental Resources from a “buy” rating to a “hold” rating and cut their target price for the company from $107.00 to $70.00 in a report on Tuesday, June 14th. Finally, Credit Suisse Group set a $78.00 target price on Continental Resources in a report on Monday, June 20th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $69.29.

Continental Resources Company Profile

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Continental Resources, Inc explores for, develops, produces, and manages crude oil, natural gas, and related products primarily 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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