Southport Management L.L.C. Takes $386,000 Position in Continental Resources, Inc. (NYSE:CLR)

Southport Management L.L.C. purchased a new stake in Continental Resources, Inc. (NYSE:CLR) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,000 shares of the oil and natural gas company’s stock, valued at approximately $386,000. Continental Resources comprises approximately 1.0% of Southport Management L.L.C.’s portfolio, making the stock its 28th biggest holding.

A number of other hedge funds have also recently made changes to their positions in the business. Heritage Trust Co lifted its stake in shares of Continental Resources by 36.4% during the 3rd quarter. Heritage Trust Co now owns 6,000 shares of the oil and natural gas company’s stock worth $232,000 after buying an additional 1,600 shares during the last quarter. Magnetar Financial LLC bought a new position in Continental Resources during the third quarter worth about $543,000. Castleton Investment Management LLC increased its position in Continental Resources by 20.0% during the third quarter. Castleton Investment Management LLC now owns 30,000 shares of the oil and natural gas company’s stock worth $1,158,000 after acquiring an additional 5,000 shares during the period. Allianz Asset Management GmbH increased its position in Continental Resources by 62.0% during the third quarter. Allianz Asset Management GmbH now owns 788,111 shares of the oil and natural gas company’s stock worth $30,429,000 after acquiring an additional 301,698 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Continental Resources by 3.9% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 45,400 shares of the oil and natural gas company’s stock worth $1,760,000 after acquiring an additional 1,700 shares during the period. Hedge funds and other institutional investors own 22.54% of the company’s stock.

A number of equities analysts recently commented on the stock. Credit Suisse Group started coverage on shares of Continental Resources in a research report on Monday, December 11th. They set an “outperform” rating and a $57.00 price target on the stock. Zacks Investment Research lowered shares of Continental Resources from a “buy” rating to a “hold” rating in a report on Monday, November 13th. Macquarie raised shares of Continental Resources from a “neutral” rating to an “outperform” rating and raised their target price for the company from $53.57 to $55.00 in a report on Thursday, December 14th. KeyCorp reissued a “hold” rating on shares of Continental Resources in a report on Monday, November 13th. Finally, Royal Bank of Canada raised their target price on shares of Continental Resources from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, November 9th. Seven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $47.65.

In related news, CFO John D. Hart sold 6,000 shares of the business’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $51.23, for a total value of $307,380.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Gary E. Gould sold 9,874 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $50.85, for a total transaction of $502,092.90. The disclosure for this sale can be found here. Insiders have sold a total of 52,874 shares of company stock valued at $2,603,673 in the last 90 days. 76.87% of the stock is currently owned by company insiders.

Continental Resources, Inc. (NYSE:CLR) traded up $0.05 during trading on Friday, hitting $52.97. 1,556,189 shares of the company were exchanged, compared to its average volume of 1,706,994. The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. Continental Resources, Inc. has a 52 week low of $29.08 and a 52 week high of $53.57. The firm has a market cap of $19,856.05, a P/E ratio of -756.61 and a beta of 1.44.

Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.05. The business had revenue of $726.74 million during the quarter, compared to analyst estimates of $710.77 million. Continental Resources had a negative net margin of 0.95% and a positive return on equity of 0.23%. Continental Resources’s quarterly revenue was up 38.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.22) EPS. analysts anticipate that Continental Resources, Inc. will post 0.33 earnings per share for the current fiscal year.

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Continental Resources Company Profile

Continental Resources, Inc is a crude oil and natural gas 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.

Institutional Ownership by Quarter for Continental Resources (NYSE:CLR)

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