Continental Resources, Inc. (NYSE:CLR) – Stock analysts at Piper Jaffray Companies lowered their FY2019 EPS estimates for shares of Continental Resources in a report issued on Thursday, August 15th. Piper Jaffray Companies analyst R. Todd now forecasts that the oil and natural gas company will post earnings per share of $2.06 for the year, down from their prior estimate of $2.26. Piper Jaffray Companies currently has a “Buy” rating and a $49.00 target price on the stock. Piper Jaffray Companies also issued estimates for Continental Resources’ Q4 2019 earnings at $0.49 EPS, Q1 2020 earnings at $0.47 EPS, Q2 2020 earnings at $0.45 EPS, Q3 2020 earnings at $0.51 EPS, Q4 2020 earnings at $0.60 EPS and FY2020 earnings at $2.04 EPS.
Several other equities analysts also recently weighed in on CLR. Royal Bank of Canada restated a “buy” rating and set a $52.00 price target on shares of Continental Resources in a report on Thursday, August 8th. BMO Capital Markets downgraded Continental Resources from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $46.00 to $45.00 in a report on Thursday, July 11th. Morgan Stanley reduced their price objective on Continental Resources from $53.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, July 12th. MKM Partners reduced their price objective on Continental Resources from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $55.22.
Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $0.73 earnings per share. Continental Resources’s revenue was up 6.3% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in CLR. Motco purchased a new position in shares of Continental Resources during the 2nd quarter valued at about $25,000. CSat Investment Advisory L.P. purchased a new position in shares of Continental Resources during the 2nd quarter valued at about $32,000. Glen Harbor Capital Management LLC purchased a new position in shares of Continental Resources during the 2nd quarter valued at about $38,000. Doyle Wealth Management purchased a new position in shares of Continental Resources during the 2nd quarter valued at about $44,000. Finally, Westside Investment Management Inc. purchased a new position in shares of Continental Resources during the 2nd quarter valued at about $49,000. 19.79% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Harold Hamm bought 38,600 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were acquired at an average cost of $38.76 per share, with a total value of $1,496,136.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John T. Mcnabb II bought 1,000 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was purchased at an average cost of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Company insiders own 77.03% of the company’s stock.
Continental Resources declared that its board has authorized a share buyback plan on Monday, June 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a $0.05 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 annualized dividend and a yield of 0.65%.
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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