Shares of Continental Resources, Inc. (NYSE:CLR) have been assigned a consensus rating of “Buy” from the thirty-five brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-five have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $53.59.
CLR has been the subject of several recent research reports. Morgan Stanley decreased their target price on shares of Continental Resources from $53.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. UBS Group set a $45.00 target price on shares of Continental Resources and gave the stock a “hold” rating in a research report on Thursday, June 20th. Barclays decreased 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. Wells Fargo & Co decreased their price objective on shares of Continental Resources from $55.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 12th. Finally, TD Securities decreased their price objective on shares of Continental Resources from $51.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, August 6th.
Institutional investors have recently made changes to their positions in the stock. Motco acquired a new stake in shares of Continental Resources during the 2nd quarter worth about $25,000. CSat Investment Advisory L.P. acquired a new stake in shares of Continental Resources during the 2nd quarter worth about $32,000. Glen Harbor Capital Management LLC bought a new stake in Continental Resources during the 2nd quarter worth about $38,000. Doyle Wealth Management bought a new stake in Continental Resources during the 2nd quarter worth about $44,000. Finally, Westside Investment Management Inc. bought a new stake in Continental Resources during the 2nd quarter worth about $49,000. Institutional investors and hedge funds own 19.44% of the company’s stock.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.16 billion. Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.73 EPS. Analysts anticipate that Continental Resources will post 2.33 earnings per share for the current year.
Continental Resources announced that its Board of Directors has initiated a share repurchase program on Monday, June 3rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and natural gas company to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
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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