Continental Resources (NYSE:CLR) Given “Buy” Rating at Guggenheim

Continental Resources (NYSE:CLR)‘s stock had its “buy” rating reaffirmed by investment analysts at Guggenheim in a research report issued on Wednesday, The Fly reports. They currently have a $50.00 price objective on the oil and natural gas company’s stock, down from their prior price objective of $60.00. Guggenheim’s price target suggests a potential upside of 59.69% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Piper Jaffray Companies set a $49.00 price target on shares of Continental Resources and gave the stock a “buy” rating in a research note on Friday, August 16th. MKM Partners dropped their price target on shares of Continental Resources from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Seaport Global Securities restated a “buy” rating on shares of Continental Resources in a research note on Friday, June 21st. KeyCorp dropped their price target on shares of Continental Resources from $55.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $52.00 price target on shares of Continental Resources in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Continental Resources presently has an average rating of “Buy” and a consensus price target of $54.52.

NYSE CLR traded up $0.72 on Wednesday, reaching $31.31. The stock had a trading volume of 147,179 shares, compared to its average volume of 2,768,482. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 0.98 and a beta of 1.65. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 0.85. Continental Resources has a 12-month low of $28.49 and a 12-month high of $71.95. The stock has a fifty day moving average price of $35.58 and a two-hundred day moving average price of $41.32.



Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates 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 quarter last year, the firm earned $0.73 EPS. Sell-side analysts forecast that Continental Resources will post 2.41 earnings per share for the current fiscal year.

Continental Resources announced that its Board of Directors has authorized a share repurchase plan on Monday, June 3rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

In related news, Director John T. Mcnabb II purchased 1,000 shares of Continental Resources stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Harold Hamm bought 38,600 shares of Continental Resources stock in a transaction dated Thursday, June 6th. The stock was acquired 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. 77.03% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Continental Resources by 1.9% during the second quarter. Vanguard Group Inc. now owns 8,814,384 shares of the oil and natural gas company’s stock worth $370,998,000 after buying an additional 168,057 shares during the period. Price T Rowe Associates Inc. MD grew its position in Continental Resources by 6.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,462,357 shares of the oil and natural gas company’s stock worth $356,181,000 after buying an additional 512,106 shares during the period. D. E. Shaw & Co. Inc. grew its position in Continental Resources by 42.5% during the second quarter. D. E. Shaw & Co. Inc. now owns 3,354,794 shares of the oil and natural gas company’s stock worth $141,203,000 after buying an additional 1,000,030 shares during the period. Worldquant Millennium Advisors LLC grew its position in 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 worth $42,898,000 after buying an additional 668,830 shares during the period. Finally, Northern Trust Corp grew its position in Continental Resources by 1.5% during the second quarter. Northern Trust Corp now owns 836,129 shares of the oil and natural gas company’s stock worth $35,194,000 after buying an additional 12,101 shares during the period. 19.79% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Continental Resources (NYSE:CLR)

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