BMO Capital Markets Lowers Continental Resources (NYSE:CLR) to Market Perform

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BMO Capital Markets lowered shares of Continental Resources (NYSE:CLR) from an outperform rating to a market perform rating in a report published on Thursday, BenzingaRatingsTable reports. They currently have $45.00 price objective on the oil and natural gas company’s stock, down from their prior price objective of $46.00.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley set a $23.00 price target on shares of Cabot Oil & Gas and gave the stock a hold rating in a report on Monday, June 24th. Seaport Global Securities restated a buy rating on shares of W&T Offshore in a report on Friday, June 21st. UBS Group upgraded shares of to a neutral rating and boosted their price target for the stock from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a report on Thursday, June 20th. Ifs Securities upgraded shares of SRC Energy from an outperform rating to a strong-buy rating in a research note on Tuesday, April 23rd. Finally, Barclays boosted their target price on shares of Roper Technologies from $342.00 to $355.00 and gave the company an equal weight rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-seven have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $61.32.

Continental Resources stock opened at $40.99 on Thursday. Continental Resources has a fifty-two week low of $34.61 and a fifty-two week high of $71.95. The stock has a market capitalization of $15.44 billion, a PE ratio of 14.43, a PEG ratio of 1.30 and a beta of 1.67. The stock’s 50-day moving average price is $39.42. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 0.87.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.11. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts predict that Continental Resources will post 2.71 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date is Wednesday, November 6th.

Continental Resources announced that its Board of Directors has approved a share buyback plan on Monday, June 3rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In other news, Director John T. Mcnabb II bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $39.88 per share, with a total value of $39,880.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Harold Hamm bought 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were purchased at an average cost of $42.71 per share, for a total transaction of $2,776,150.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 104,600 shares of company stock worth $4,312,166 over the last 90 days. 77.03% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of CLR. Bank of New York Mellon Corp increased its holdings in Continental Resources by 26.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock worth $49,059,000 after acquiring an additional 257,350 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Continental Resources by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 23,686 shares of the oil and natural gas company’s stock worth $951,000 after buying an additional 908 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Continental Resources by 281.4% in the 4th quarter. Advisor Group Inc. now owns 21,464 shares of the oil and natural gas company’s stock worth $864,000 after buying an additional 15,837 shares during the last quarter. GSA Capital Partners LLP increased its holdings in shares of Continental Resources by 48.0% in the 4th quarter. GSA Capital Partners LLP now owns 11,128 shares of the oil and natural gas company’s stock worth $447,000 after buying an additional 3,610 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Continental Resources by 4.7% in the 4th quarter. Northern Trust Corp now owns 828,055 shares of the oil and natural gas company’s stock worth $33,280,000 after buying an additional 37,093 shares during the last quarter. 20.08% 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 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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