Shares of Continental Resources, Inc. (NYSE:CLR) gapped down prior to trading on Wednesday . The stock had previously closed at $39.31, but opened at $38.40. Continental Resources shares last traded at $36.68, with a volume of 2723368 shares changing hands.
Several research firms have recently commented on CLR. Credit Suisse Group reiterated a “buy” rating and issued a $56.00 price target on shares of Continental Resources in a research report on Tuesday, February 19th. KeyCorp increased their price target on shares of Continental Resources from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Zacks Investment Research upgraded shares of Continental Resources from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, April 17th. Morgan Stanley set a $61.00 price target on shares of Continental Resources and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, ValuEngine upgraded shares of Continental Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $63.38.
The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 0.87. The company has a market cap of $14.00 billion, a PE ratio of 12.92, a P/E/G ratio of 0.75 and a beta of 1.60.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, November 6th.
Continental Resources declared that its Board of Directors has initiated a stock repurchase plan on Monday, June 3rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the oil and natural gas company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, Director John T. Mcnabb II purchased 1,000 shares of the business’s stock in a transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Harold Hamm purchased 38,600 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought 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. In the last ninety days, insiders have acquired 896,428 shares of company stock worth $38,319,996. 77.03% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. Rational Advisors LLC raised its stake in Continental Resources by 207.8% during the fourth quarter. Rational Advisors LLC now owns 674 shares of the oil and natural gas company’s stock worth $27,000 after purchasing an additional 455 shares during the period. Doyle Wealth Management acquired a new stake in shares of Continental Resources in the fourth quarter worth $42,000. Rockefeller Capital Management L.P. increased its position in shares of Continental Resources by 172.8% in the first quarter. Rockefeller Capital Management L.P. now owns 941 shares of the oil and natural gas company’s stock worth $42,000 after acquiring an additional 596 shares in the last quarter. Legacy Advisors LLC acquired a new stake in shares of Continental Resources in the first quarter worth $45,000. Finally, Private Capital Group LLC increased its position in shares of Continental Resources by 170.9% in the first quarter. Private Capital Group LLC now owns 2,254 shares of the oil and natural gas company’s stock worth $101,000 after acquiring an additional 1,422 shares in the last quarter. 20.18% of the stock is currently owned by institutional investors.
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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