Continental Resources, Inc. (CLR) Upgraded to Buy at Zacks Investment Research

Continental Resources, Inc. (NYSE:CLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $51.00 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.28% from the company’s previous close.

According to Zacks, “CONTINENTAL RESOURCES is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. “

CLR has been the subject of a number of other research reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $46.00 target price on shares of Continental Resources in a research report on Thursday, July 20th. KeyCorp restated a “hold” rating on shares of Continental Resources in a research report on Monday. Cowen and Company set a $35.00 price objective on shares of Continental Resources and gave the company a “hold” rating in a research report on Tuesday, July 18th. Piper Jaffray Companies restated a “buy” rating and set a $41.00 price objective on shares of Continental Resources in a research report on Friday, October 6th. Finally, Bank of America Corporation raised their price objective on shares of Continental Resources from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $46.35.

Shares of Continental Resources (NYSE CLR) traded down $0.86 on Tuesday, reaching $45.83. 3,974,900 shares of the company were exchanged, compared to its average volume of 2,870,929. The company has a market cap of $17,518.50, a price-to-earnings ratio of 1,167.25 and a beta of 1.40. 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 has a 12-month low of $29.08 and a 12-month high of $60.30.

Continental Resources (NYSE:CLR) last announced its earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.05. The firm 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 revenue was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.22) EPS. research analysts anticipate that Continental Resources will post 0.23 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its position in Continental Resources by 10.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 200,174 shares of the oil and natural gas company’s stock valued at $9,092,000 after acquiring an additional 19,189 shares in the last quarter. AQR Capital Management LLC raised its position in Continental Resources by 16.7% during the first quarter. AQR Capital Management LLC now owns 104,992 shares of the oil and natural gas company’s stock valued at $4,769,000 after acquiring an additional 15,040 shares in the last quarter. Creative Planning raised its position in Continental Resources by 72.0% during the second quarter. Creative Planning now owns 19,072 shares of the oil and natural gas company’s stock valued at $617,000 after acquiring an additional 7,981 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in Continental Resources by 522.7% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 15,132 shares of the oil and natural gas company’s stock valued at $489,000 after acquiring an additional 12,702 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Continental Resources by 4.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,274,575 shares of the oil and natural gas company’s stock valued at $41,207,000 after acquiring an additional 53,775 shares in the last quarter. 23.27% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Continental Resources (NYSE:CLR)

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