Guggenheim reissued their buy rating on shares of Continental Resources (NYSE:CLR) in a research note released on Wednesday morning, The Fly reports. The brokerage currently has a $50.00 price objective on the oil and natural gas company’s stock, down from their previous price objective of $60.00.
CLR has been the topic of several other research reports. TD Securities dropped their price objective on shares of Continental Resources from $51.00 to $50.00 and set a buy rating on the stock in a report on Tuesday, August 6th. BMO Capital Markets lowered shares of Continental Resources from an outperform rating to a market perform rating and dropped their price objective for the company from $46.00 to $45.00 in a report on Thursday, July 11th. KeyCorp dropped their price objective on shares of Continental Resources from $55.00 to $52.00 and set an overweight rating on the stock in a report on Tuesday, June 4th. Royal Bank of Canada reiterated a buy rating and set a $52.00 price objective on shares of Continental Resources in a report on Thursday, August 8th. Finally, MKM Partners dropped their price objective on shares of Continental Resources from $50.00 to $45.00 and set a buy rating on the stock in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-five have issued a buy rating to the company’s stock. Continental Resources presently has a consensus rating of Buy and a consensus price target of $54.52.
Shares of CLR opened at $28.76 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $10.77 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 1.01 and a beta of 1.65. The firm’s fifty day simple moving average is $34.93 and its two-hundred day simple moving average is $41.08. Continental Resources has a 12 month low of $28.49 and a 12 month high of $71.95.
Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company posted $0.73 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. As a group, research analysts predict that Continental Resources will post 2.39 EPS for the current fiscal year.
Continental Resources announced that its Board of Directors has initiated a share buyback program on Monday, June 3rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed 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. This represents a $0.20 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date is Wednesday, November 6th.
In related news, Director John T. Mcnabb II bought 1,000 shares of Continental Resources stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average cost of $39.88 per share, with a total value of $39,880.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Harold Hamm bought 38,600 shares of Continental Resources stock in a transaction dated Thursday, June 6th. The shares were bought at an average cost of $38.76 per share, with a total value of $1,496,136.00. The disclosure for this purchase can be found here. Corporate insiders own 77.03% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CLR. Dimensional Fund Advisors LP boosted its holdings in Continental Resources by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 769,765 shares of the oil and natural gas company’s stock worth $30,937,000 after buying an additional 12,127 shares during the period. Geode Capital Management LLC boosted its holdings in Continental Resources by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 769,212 shares of the oil and natural gas company’s stock worth $30,891,000 after buying an additional 18,662 shares during the period. Gulf International Bank UK Ltd boosted its holdings in Continental Resources by 2.1% in the 1st quarter. Gulf International Bank UK Ltd now owns 20,350 shares of the oil and natural gas company’s stock worth $911,000 after buying an additional 424 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Continental Resources in the 1st quarter worth approximately $467,000. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Continental Resources by 7.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock worth $187,000 after buying an additional 288 shares during the period. 19.79% of the stock is owned by hedge funds and other institutional investors.
Continental Resources Company Profile
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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