Continental Resources, Inc. (NYSE:CLR) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 21,420,000 shares, an increase of 40.6% from the June 30th total of 15,230,000 shares. Based on an average daily volume of 5,200,000 shares, the short-interest ratio is presently 4.1 days. Currently, 33.6% of the shares of the company are short sold.
Several brokerages have recently weighed in on CLR. SunTrust Banks decreased their price target on Continental Resources from $15.00 to $12.00 and set a “hold” rating for the company in a research note on Thursday, April 16th. UBS Group increased their price objective on shares of Continental Resources from $7.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, June 29th. Imperial Capital lifted their price target on shares of Continental Resources from $14.00 to $18.00 and gave the company an “in-line” rating in a research report on Tuesday, June 23rd. Citigroup boosted their price objective on Continental Resources from $13.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Finally, ValuEngine raised Continental Resources from a “hold” rating to a “buy” rating in a research note on Thursday, July 2nd. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company. Continental Resources has an average rating of “Hold” and an average target price of $21.80.
CLR opened at $17.29 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.20 and a debt-to-equity ratio of 0.88. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 10.81 and a beta of 3.47. Continental Resources has a twelve month low of $6.90 and a twelve month high of $40.25. The company’s 50-day moving average price is $16.83 and its two-hundred day moving average price is $17.44.
Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Monday, May 11th. The oil and natural gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.05). Continental Resources had a return on equity of 8.60% and a net margin of 9.18%. The company had revenue of $880.80 million for the quarter, compared to analysts’ expectations of $843.57 million. During the same quarter in the previous year, the business earned $0.58 EPS. The company’s revenue for the quarter was down 21.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Continental Resources will post -1.27 earnings per share for the current year.
In other Continental Resources news, Chairman Harold Hamm acquired 1,425,341 shares of the company’s stock in a transaction on Monday, July 6th. The stock was acquired at an average price of $17.57 per share, for a total transaction of $25,043,241.37. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy Garth Taylor bought 7,265 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were bought at an average price of $13.64 per share, with a total value of $99,094.60. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 6,058,708 shares of company stock worth $101,516,306. 79.60% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in shares of Continental Resources by 80.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,909 shares of the oil and natural gas company’s stock valued at $38,000 after buying an additional 2,182 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in Continental Resources by 52.4% during the first quarter. IFM Investors Pty Ltd now owns 10,989 shares of the oil and natural gas company’s stock valued at $85,000 after purchasing an additional 3,777 shares during the last quarter. Wetherby Asset Management Inc. purchased a new stake in Continental Resources during the first quarter valued at about $95,000. LexAurum Advisors LLC boosted its position in Continental Resources by 12.8% during the first quarter. LexAurum Advisors LLC now owns 12,857 shares of the oil and natural gas company’s stock worth $98,000 after purchasing an additional 1,460 shares during the period. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of Continental Resources in the first quarter worth about $100,000. Hedge funds and other institutional investors own 21.07% of the company’s stock.
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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