Research Analysts’ Recent Ratings Changes for Continental Resources (CLR)

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Continental Resources (NYSE: CLR) has recently received a number of price target changes and ratings updates:

  • 1/7/2019 – Continental Resources was upgraded by analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 1/5/2019 – Continental Resources was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 1/3/2019 – Continental Resources was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong sell” rating. According to Zacks, “As of Sep 30, 2018, Continental Resources had only $12.9 million in cash and equivalents while the total debt balance was way higher at $6 billion. In fact, the company has a debt to capitalization ratio of 50.1%, significantly higher than the industry’s 44.6%. It shows weakness in the balance sheet that can restrict the company’s financial flexibility and limit its growth process. Moreover, operating cost and expenses of the company increased around 18% through 2017. Third-quarter 2018 operating cost and expenses also rose 24.5% year over year, primarily due to rise in production costs (nearly 22%) and transportation expenses. If the trend continues, future profits might be affected. Continental Resources lacks diversification as majority of its producing properties is located in the Bakken field. Recently it expanded its operations in Oklahoma with its discovery of the SCOOP play and increased activity in the STACK play.”
  • 12/30/2018 – Continental Resources was given a new $49.00 price target on by analysts at B. Riley. They now have a “buy” rating on the stock.
  • 12/24/2018 – Continental Resources was given a new $49.00 price target on by analysts at B. Riley. They now have a “buy clr” rating on the stock.
  • 12/21/2018 – Continental Resources was upgraded by analysts at Citigroup Inc from a “neutral” rating to a “buy” rating.
  • 12/20/2018 – Continental Resources was upgraded by analysts at Capital One Financial Corp. from an “equal weight” rating to an “overweight” rating.
  • 12/6/2018 – Continental Resources is now covered by analysts at Stephens. They set an “overweight” rating and a $88.00 price target on the stock.
  • 12/5/2018 – Continental Resources is now covered by analysts at MKM Partners. They set a “buy” rating and a $60.00 price target on the stock.
  • 12/4/2018 – Continental Resources was downgraded by analysts at Jefferies Financial Group Inc to a “hold” rating.
  • 11/30/2018 – Continental Resources had its “hold” rating reaffirmed by analysts at HSBC Holdings plc.
  • 11/29/2018 – Continental Resources is now covered by analysts at Cowen Inc. They set a “market perform” rating on the stock.
  • 11/27/2018 – Continental Resources had its “buy” rating reaffirmed by analysts at Sanford C. Bernstein.
  • 11/27/2018 – Continental Resources had its “buy” rating reaffirmed by analysts at Goldman Sachs Group Inc.
  • 11/26/2018 – Continental Resources had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $70.00 price target on the stock.
  • 11/20/2018 – Continental Resources was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Continental Resources’ third-quarter 2018 earnings and revenues both beat the Zacks Consensus Estimate and increased from the year earlier quarter. The strong third-quarter results were supported by higher oil equivalent price realizations and increased production from the North Dakota Bakken, as well as SCOOP and STACK regions. The company has a premier position in the Bakken area. Moreover, the region comprises almost 48% of its proved reserves. Notably, in North Dakota Bakken, the firm is planning to allocate about 52% of its capital budget for drilling and completion activities in 2018. However, as of Sep 30, 2018, the company had around $6 billion in total debt, with a debt to capitalization ratio of 50.1%, much higher than the industry’s 44.5%. This reflects the weakness in its balance sheet and can restrict the company’s financial flexibility, thus limiting its growth. Increasing operating expenses are also a ccncern.”
  • 11/20/2018 – Continental Resources had its price target lowered by analysts at Morgan Stanley from $76.00 to $63.00. They now have a “buy” rating on the stock.
  • 11/19/2018 – Continental Resources had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $69.00 price target on the stock.
  • 11/15/2018 – Continental Resources had its “hold” rating reaffirmed by analysts at Credit Suisse Group AG.

CLR stock opened at $46.41 on Monday. Continental Resources, Inc. has a 12 month low of $35.54 and a 12 month high of $71.95. The company has a market cap of $17.75 billion, a P/E ratio of 91.00, a price-to-earnings-growth ratio of 1.06 and a beta of 1.43. The company has a quick ratio of 0.85, a current ratio of 0.92 and a debt-to-equity ratio of 1.00.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Monday, October 29th. The oil and natural gas company reported $0.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.08. Continental Resources had a net margin of 35.43% and a return on equity of 18.48%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the business earned $0.09 earnings per share. The firm’s revenue was up 76.4% compared to the same quarter last year. Equities analysts predict that Continental Resources, Inc. will post 3.06 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Adams Natural Resources Fund Inc. raised its holdings in shares of Continental Resources by 189.1% during the third quarter. Adams Natural Resources Fund Inc. now owns 109,000 shares of the oil and natural gas company’s stock valued at $7,443,000 after acquiring an additional 71,300 shares during the period. Ninepoint Partners LP acquired a new position in Continental Resources in the 3rd quarter valued at approximately $4,097,000. Bank of America Corp DE increased its stake in Continental Resources by 20.3% in the 2nd quarter. Bank of America Corp DE now owns 1,345,658 shares of the oil and natural gas company’s stock valued at $87,146,000 after buying an additional 226,626 shares during the period. Victory Capital Management Inc. acquired a new position in Continental Resources in the 3rd quarter valued at approximately $2,811,000. Finally, Prudential Financial Inc. increased its stake in Continental Resources by 31.0% in the 3rd quarter. Prudential Financial Inc. now owns 1,225,496 shares of the oil and natural gas company’s stock valued at $83,677,000 after buying an additional 290,300 shares during the period. Institutional investors and hedge funds own 21.60% of the company’s stock.

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties 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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