Barclays PLC upgraded shares of Continental Resources Inc. (NYSE:CLR) from an equal weight rating to an overweight rating in a report released on Monday. They currently have $60.00 price objective on the stock, up from their previous price objective of $48.00.
Several other brokerages have also recently weighed in on CLR. Wells Fargo & Co. began coverage on Continental Resources in a research note on Tuesday, August 16th. They set an outperform rating and a $54.00 price objective on the stock. Scotiabank dropped their price objective on Continental Resources from $17.00 to $16.75 and set an outperform rating on the stock in a research note on Wednesday, September 7th. Jefferies Group restated a sell rating on shares of Continental Resources in a research note on Thursday, August 11th. SunTrust Banks Inc. upgraded Continental Resources from a neutral rating to a buy rating and set a $60.00 price objective on the stock in a research note on Monday, August 1st. Finally, Deutsche Bank AG raised their price objective on Continental Resources from $54.00 to $56.00 and gave the company a buy rating in a research note on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $45.77.
Shares of Continental Resources (NYSE:CLR) traded up 0.54% during mid-day trading on Monday, hitting $52.07. 287,982 shares of the stock were exchanged. The stock’s market capitalization is $19.29 billion. Continental Resources has a 12-month low of $13.94 and a 12-month high of $55.07. The stock’s 50 day moving average price is $49.70 and its 200-day moving average price is $43.68.
Continental Resources (NYSE:CLR) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm earned $525.70 million during the quarter, compared to the consensus estimate of $518.42 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. Continental Resources’s revenue for the quarter was down 33.5% on a year-over-year basis. On average, equities research analysts expect that Continental Resources will post ($0.80) EPS for the current fiscal year.
In other Continental Resources news, CFO John D. Hart sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $46.84, for a total value of $187,360.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Steven K. Owen sold 3,200 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $46.54, for a total value of $148,928.00. The disclosure for this sale can be found here. 76.97% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CLR. Synovus Financial Corp bought a new stake in shares of Continental Resources during the second quarter valued at $131,000. I.G. Investment Management LTD. bought a new stake in shares of Continental Resources during the second quarter valued at $149,000. Shell Asset Management Co. increased its stake in shares of Continental Resources by 19.3% in the second quarter. Shell Asset Management Co. now owns 3,737 shares of the company’s stock valued at $169,000 after buying an additional 604 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Continental Resources during the first quarter valued at $129,000. Finally, Westpac Banking Corp increased its stake in shares of Continental Resources by 45.1% in the second quarter. Westpac Banking Corp now owns 4,276 shares of the company’s stock valued at $194,000 after buying an additional 1,329 shares during the last quarter. Hedge funds and other institutional investors own 23.36% of the company’s stock.
Continental Resources Company Profile
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.
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