State Board of Administration of Florida Retirement System grew its holdings in shares of Continental Resources, Inc. (NYSE:CLR) by 0.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 132,641 shares of the oil and natural gas company’s stock after buying an additional 1,090 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Continental Resources were worth $5,583,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dupont Capital Management Corp grew its stake in shares of Continental Resources by 13.4% during the second quarter. Dupont Capital Management Corp now owns 33,779 shares of the oil and natural gas company’s stock valued at $1,422,000 after buying an additional 3,979 shares during the last quarter. Marshall Wace North America L.P. bought a new position in shares of Continental Resources during the first quarter valued at approximately $2,729,000. Steward Partners Investment Advisory LLC bought a new position in shares of Continental Resources during the second quarter valued at approximately $68,000. Bluestein R H & Co. grew its stake in shares of Continental Resources by 141.9% during the first quarter. Bluestein R H & Co. now owns 433,331 shares of the oil and natural gas company’s stock valued at $19,400,000 after buying an additional 254,206 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Continental Resources by 3.6% during the first quarter. Swiss National Bank now owns 316,356 shares of the oil and natural gas company’s stock valued at $14,163,000 after buying an additional 11,000 shares during the last quarter. 19.79% of the stock is currently owned by hedge funds and other institutional investors.
Continental Resources stock opened at $29.68 on Thursday. The business has a fifty day moving average of $33.70 and a two-hundred day moving average of $40.66. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 0.85. The firm has a market cap of $10.60 billion, a P/E ratio of 10.45, a P/E/G ratio of 0.94 and a beta of 1.65. Continental Resources, Inc. has a twelve month low of $28.04 and a twelve month high of $71.95.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.67%.
Continental Resources announced that its board has authorized a share repurchase program on Monday, June 3rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and natural gas company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have recently commented on CLR. Wells Fargo & Co cut their target price on Continental Resources from $55.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. BMO Capital Markets cut Continental Resources from an “outperform” rating to a “market perform” rating and cut their target price for the company from $46.00 to $45.00 in a research note on Thursday, July 11th. Guggenheim reaffirmed a “buy” rating and set a $50.00 target price (down previously from $60.00) on shares of Continental Resources in a research note on Wednesday, August 21st. Zacks Investment Research raised Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Thursday, May 2nd. Finally, UBS Group set a $45.00 price objective on Continental Resources and gave the stock a “hold” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company. Continental Resources currently has an average rating of “Buy” and a consensus target price of $54.52.
In related news, CEO Harold Hamm bought 38,600 shares of the stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $38.76 per share, for a total transaction of $1,496,136.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Mcnabb II bought 1,000 shares of the stock in a transaction on Wednesday, June 5th. The shares were bought at an average price of $39.88 per share, with a total value of $39,880.00. The disclosure for this purchase can be found here. 77.03% of the stock is owned by corporate insiders.
Continental Resources Profile
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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