Continental Resources, Inc. (NYSE:CLR)’s share price fell 6.6% during trading on Tuesday . The company traded as low as $31.65 and last traded at $31.81, 3,598,237 shares were traded during trading. An increase of 41% from the average session volume of 2,556,890 shares. The stock had previously closed at $34.05.
A number of brokerages have recently commented on CLR. Seaport Global Securities reissued a “buy” rating on shares of Continental Resources in a research report on Friday, June 21st. TD Securities lowered their price objective on Continental Resources from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Wells Fargo & Co lowered their price target on Continental Resources from $55.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, August 12th. Piper Jaffray Companies set a $49.00 price target on Continental Resources and gave the company a “buy” rating in a report on Friday, August 16th. Finally, Barclays lowered their price target on Continental Resources from $59.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-four have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $53.65.
The company has a debt-to-equity ratio of 0.85, a current ratio of 1.03 and a quick ratio of 0.95. The stock has a 50 day simple moving average of $31.02 and a two-hundred day simple moving average of $38.95. The company has a market cap of $12.78 billion, a PE ratio of 11.20, a PEG ratio of 1.16 and a beta of 1.69.
Continental Resources announced that its Board of Directors has authorized a share buyback plan 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 buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the business. Flinton Capital Management LLC purchased a new stake in Continental Resources in the second quarter valued at approximately $66,000. Dupont Capital Management Corp lifted its stake in Continental Resources by 13.4% in the second quarter. Dupont Capital Management Corp now owns 33,779 shares of the oil and natural gas company’s stock valued at $1,422,000 after buying an additional 3,979 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in Continental Resources by 3.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,864 shares of the oil and natural gas company’s stock valued at $541,000 after buying an additional 430 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Continental Resources in the second quarter valued at approximately $68,000. Finally, Marshall Wace North America L.P. purchased a new stake in Continental Resources in the first quarter valued at approximately $2,729,000. Institutional investors own 19.44% of the company’s stock.
About Continental Resources (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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