Continental Resources, Inc. (NYSE:CLR) – Research analysts at SunTrust Banks decreased their Q3 2019 earnings estimates for Continental Resources in a note issued to investors on Tuesday, August 6th, Zacks Investment Research reports. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings of $0.51 per share for the quarter, down from their prior estimate of $0.52. SunTrust Banks also issued estimates for Continental Resources’ FY2019 earnings at $2.34 EPS, FY2020 earnings at $2.84 EPS and FY2021 earnings at $3.00 EPS.
CLR has been the topic of several other research reports. KeyCorp lowered their price objective on shares of Continental Resources from $55.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. ValuEngine lowered shares of Continental Resources from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 17th. MKM Partners lowered their price objective on shares of Continental Resources from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Ifs Securities lowered shares of Continental Resources from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 23rd. Finally, Seaport Global Securities reaffirmed a “buy” rating on shares of Continental Resources in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. Continental Resources currently has a consensus rating of “Buy” and an average target price of $57.00.
Shares of CLR stock opened at $28.86 on Thursday. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 1.00 and a beta of 1.65. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 1.03. Continental Resources has a 52 week low of $28.49 and a 52 week high of $71.95. The firm’s 50-day simple moving average is $36.79 and its two-hundred day simple moving average is $41.63.
Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.16 billion. Continental Resources had a return on equity of 15.09% and a net margin of 19.64%. The business’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.73 EPS.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Worldquant Millennium Advisors LLC raised its position in shares of Continental Resources by 190.9% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,019,207 shares of the oil and natural gas company’s stock valued at $42,898,000 after buying an additional 668,830 shares during the last quarter. Doyle Wealth Management bought a new stake in shares of Continental Resources during the second quarter valued at approximately $44,000. Nuveen Asset Management LLC grew its holdings in shares of Continental Resources by 7,653.1% in the second quarter. Nuveen Asset Management LLC now owns 773,526 shares of the oil and natural gas company’s stock valued at $32,557,000 after purchasing an additional 763,549 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Continental Resources by 6.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 8,462,357 shares of the oil and natural gas company’s stock valued at $356,181,000 after purchasing an additional 512,106 shares in the last quarter. Finally, CSat Investment Advisory L.P. bought a new stake in shares of Continental Resources in the second quarter valued at about $32,000. 20.30% of the stock is currently owned by institutional investors.
In other Continental Resources news, Director John T. Mcnabb II acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were bought at an average price of $39.88 per share, with a total value of $39,880.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Harold Hamm acquired 38,600 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average cost of $38.76 per share, for a total transaction of $1,496,136.00. The disclosure for this purchase can be found here. Corporate insiders own 77.03% of the company’s stock.
Continental Resources declared that its Board of Directors has approved 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 stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company 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 0.69%.
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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