Meeder Asset Management Inc. boosted its position in shares of Continental Resources, Inc. (NYSE:CLR) by 31.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,622 shares of the oil and natural gas company’s stock after acquiring an additional 387 shares during the period. Meeder Asset Management Inc.’s holdings in Continental Resources were worth $68,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Continental Resources by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 769,765 shares of the oil and natural gas company’s stock valued at $30,937,000 after buying an additional 12,127 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Continental Resources by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 769,212 shares of the oil and natural gas company’s stock worth $30,891,000 after acquiring an additional 18,662 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Continental Resources during the 1st quarter valued at approximately $467,000. Oppenheimer Asset Management Inc. grew its position in shares of Continental Resources by 7.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock valued at $187,000 after acquiring an additional 288 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Continental Resources during the 1st quarter valued at approximately $1,657,000. Hedge funds and other institutional investors own 19.79% of the company’s stock.
In related news, CEO Harold Hamm bought 38,600 shares of the stock in a transaction dated Thursday, June 6th. The shares were purchased at an average price of $38.76 per share, with a total value of $1,496,136.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John T. Mcnabb II bought 1,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was bought 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. Corporate insiders own 77.03% of the company’s stock.
Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.16 billion. Continental Resources had a return on equity of 15.09% and a net margin of 19.64%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.73 earnings per share. On average, analysts predict that Continental Resources, Inc. will post 2.39 earnings per share for the current year.
Continental Resources declared that its board has approved a stock repurchase program on Monday, June 3rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and natural gas company to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared 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 of this dividend is Wednesday, November 6th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.69%.
CLR has been the subject of a number of research reports. Guggenheim reissued a “buy” rating and set a $50.00 target price (down from $60.00) on shares of Continental Resources in a research report on Wednesday, August 21st. Barclays reduced their target price on shares of Continental Resources from $59.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. ValuEngine downgraded shares of Continental Resources from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 17th. KeyCorp reduced their target price on shares of Continental Resources from $55.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Finally, Zacks Investment Research raised shares of Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $54.52.
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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