Continental Resources, Inc. (NYSE:CLR) to Post Q3 2019 Earnings of $0.46 Per Share, Jefferies Financial Group Forecasts

Continental Resources, Inc. (NYSE:CLR) – Investment analysts at Jefferies Financial Group dropped their Q3 2019 earnings per share estimates for Continental Resources in a research report issued to clients and investors on Monday, July 15th. Jefferies Financial Group analyst T. Hughes now forecasts that the oil and natural gas company will post earnings per share of $0.46 for the quarter, down from their prior forecast of $0.62. Jefferies Financial Group also issued estimates for Continental Resources’ Q4 2019 earnings at $0.45 EPS, FY2019 earnings at $2.08 EPS, Q1 2020 earnings at $0.44 EPS, Q2 2020 earnings at $0.44 EPS, Q3 2020 earnings at $0.53 EPS, Q4 2020 earnings at $0.60 EPS, FY2020 earnings at $2.00 EPS, Q1 2021 earnings at $0.59 EPS, Q2 2021 earnings at $0.54 EPS and FY2021 earnings at $2.37 EPS.

Several other research analysts also recently commented on CLR. UBS Group upgraded shares of to a “neutral” rating and lifted their target price for the stock from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a report on Thursday, June 20th. Seaport Global Securities reiterated a “buy” rating on shares of W&T Offshore in a report on Friday, June 21st. BMO Capital Markets assumed coverage on shares of Victoria Gold in a report on Thursday, July 11th. They issued an “outperform” rating on the stock. ValuEngine downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Ifs Securities upgraded shares of SRC Energy from an “outperform” rating to a “strong-buy” rating in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $61.32.

Continental Resources stock opened at $36.46 on Wednesday. The company has a market cap of $14.14 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.20 and a beta of 1.67. Continental Resources has a 1-year low of $34.61 and a 1-year high of $71.95. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 0.87. The firm’s fifty day simple moving average is $39.46.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.11. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.07 billion. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. Continental Resources’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 EPS.

Several institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. boosted its position in shares of Continental Resources by 7.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock valued at $187,000 after acquiring an additional 288 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in shares of Continental Resources by 3.6% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 8,442 shares of the oil and natural gas company’s stock valued at $378,000 after acquiring an additional 292 shares in the last quarter. Raymond James Trust N.A. boosted its position in shares of Continental Resources by 6.1% during the 2nd quarter. Raymond James Trust N.A. now owns 6,777 shares of the oil and natural gas company’s stock valued at $285,000 after acquiring an additional 387 shares in the last quarter. DNB Asset Management AS boosted its position in shares of Continental Resources by 3.5% during the 1st quarter. DNB Asset Management AS now owns 12,085 shares of the oil and natural gas company’s stock valued at $541,000 after acquiring an additional 412 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its position in shares of Continental Resources by 2.1% during the 1st quarter. Gulf International Bank UK Ltd now owns 20,350 shares of the oil and natural gas company’s stock valued at $911,000 after acquiring an additional 424 shares in the last quarter. Institutional investors and hedge funds own 20.08% of the company’s stock.

In other Continental Resources news, CEO Harold Hamm bought 65,000 shares of the firm’s stock in a transaction dated 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John T. Mcnabb II bought 1,000 shares of the firm’s stock in a transaction dated 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 acquired a total of 104,600 shares of company stock worth $4,312,166 over the last 90 days. Company insiders own 77.03% of the company’s stock.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be given a $0.05 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 annualized dividend and a yield of 0.55%.

Continental Resources declared that its board has approved a share buyback plan on Monday, June 3rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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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Earnings History and Estimates for Continental Resources (NYSE:CLR)

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