Continental Resources, Inc. (NYSE:CLR) shot up 6.7% during trading on Wednesday . The stock traded as high as $42.75 and last traded at $42.37. 3,000,706 shares were traded during trading, an increase of 22% from the average session volume of 2,458,299 shares. The stock had previously closed at $39.72.
Several research firms recently commented on CLR. Zacks Investment Research raised Continental Resources from a “sell” rating to a “hold” rating in a research note on Thursday, February 28th. UBS Group set a $45.00 target price on Continental Resources and gave the stock a “hold” rating in a research note on Thursday, June 20th. Seaport Global Securities reaffirmed a “buy” rating on shares of Continental Resources in a research note on Friday, June 21st. ValuEngine cut Continental Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 1st. Finally, Morgan Stanley set a $53.00 target price on Continental Resources and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $62.04.
The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.96 and a current ratio of 1.03. The firm’s fifty day moving average is $39.50. The company has a market cap of $15.44 billion, a P/E ratio of 14.92, a P/E/G ratio of 1.21 and a beta of 1.60.
Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.11. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.07 billion. Continental Resources had a return on equity of 16.71% and a net margin of 20.06%. Continental Resources’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. On average, research analysts predict that Continental Resources, Inc. will post 2.84 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.47%.
Continental Resources announced that its Board of Directors has approved a share buyback program on Monday, June 3rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other Continental Resources news, CEO Harold Hamm purchased 65,000 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $2,776,150.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Mcnabb II purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Insiders have purchased 104,600 shares of company stock worth $4,312,166 over the last quarter. 77.03% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Continental Resources in the fourth quarter valued at $52,621,000. American Century Companies Inc. raised its stake in shares of Continental Resources by 142.6% in the fourth quarter. American Century Companies Inc. now owns 823,493 shares of the oil and natural gas company’s stock valued at $33,096,000 after buying an additional 484,089 shares during the period. Bank of Montreal Can raised its stake in shares of Continental Resources by 275.4% in the first quarter. Bank of Montreal Can now owns 424,374 shares of the oil and natural gas company’s stock valued at $18,999,000 after buying an additional 311,330 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Continental Resources by 26.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock valued at $49,059,000 after buying an additional 257,350 shares during the period. Finally, Bluestein R H & Co. raised its stake in shares of Continental Resources by 141.9% in the first quarter. Bluestein R H & Co. now owns 433,331 shares of the oil and natural gas company’s stock valued at $19,400,000 after buying an additional 254,206 shares during the period. Institutional investors and hedge funds own 20.08% of the company’s stock.
Continental Resources Company Profile (NYSE:CLR)
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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