Morgan Stanley reaffirmed their buy rating on shares of Continental Resources (NYSE:CLR) in a research report report published on Friday morning. They currently have a $84.00 price objective on the oil and natural gas company’s stock, down from their prior price objective of $87.00.
CLR has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Continental Resources from a hold rating to a strong-buy rating and set a $72.00 price target on the stock in a report on Wednesday, July 4th. Scotiabank restated a buy rating and set a $78.00 price target on shares of Continental Resources in a report on Thursday, September 27th. TD Securities initiated coverage on shares of Continental Resources in a research note on Thursday, July 5th. They issued a hold rating and a $73.00 price objective on the stock. Bank of America upped their price objective on shares of Continental Resources from $84.00 to $90.00 and gave the company a buy rating in a research note on Monday, August 13th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $77.00 price objective on shares of Continental Resources in a research note on Thursday, August 30th. Thirteen equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $72.26.
Shares of CLR stock traded up $1.34 during trading hours on Friday, reaching $60.45. 2,126,334 shares of the stock traded hands, compared to its average volume of 2,132,265. Continental Resources has a 1-year low of $36.05 and a 1-year high of $71.95. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.97 and a quick ratio of 0.89. The firm has a market capitalization of $25.68 billion, a P/E ratio of 118.53, a P/E/G ratio of 1.76 and a beta of 1.24.
Continental Resources (NYSE:CLR) last released its quarterly earnings results on Tuesday, August 7th. The oil and natural gas company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Continental Resources had a net margin of 32.80% and a return on equity of 14.01%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.13 billion. Sell-side analysts predict that Continental Resources will post 3.16 EPS for the current fiscal year.
In related news, SVP Gary E. Gould sold 5,000 shares of Continental Resources stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $67.00, for a total transaction of $335,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 76.83% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in CLR. Moneta Group Investment Advisors LLC grew its stake in shares of Continental Resources by 4,924.0% in the second quarter. Moneta Group Investment Advisors LLC now owns 2,512 shares of the oil and natural gas company’s stock valued at $163,000 after buying an additional 2,462 shares in the last quarter. Asset Management Advisors LLC bought a new position in shares of Continental Resources in the second quarter valued at $201,000. Jaffetilchin Investment Partners LLC bought a new position in shares of Continental Resources in the third quarter valued at $212,000. Barings LLC bought a new position in shares of Continental Resources in the second quarter valued at $216,000. Finally, Eqis Capital Management Inc. bought a new position in shares of Continental Resources in the second quarter valued at $238,000. Hedge funds and other institutional investors own 22.53% of the company’s stock.
Continental Resources Company Profile
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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