Continental Resources (NYSE:CLR) Shares Gap Up on Analyst Upgrade

Continental Resources, Inc. (NYSE:CLR) shares gapped up before the market opened on Monday after UBS Group raised their price target on the stock from $7.00 to $16.00. The stock had previously closed at $14.70, but opened at $15.10. UBS Group currently has a neutral rating on the stock. Continental Resources shares last traded at $15.10, with a volume of 4,259,800 shares changing hands.

A number of other equities research analysts have also weighed in on the stock. MKM Partners lowered shares of Continental Resources from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a report on Tuesday, June 9th. Raymond James downgraded shares of Continental Resources from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 17th. Mizuho boosted their target price on shares of Continental Resources from $8.00 to $15.00 in a research report on Friday, June 19th. Piper Sandler downgraded shares of Continental Resources from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $50.00 to $3.00 in a research report on Tuesday, March 24th. Finally, Tudor Pickering downgraded shares of Continental Resources from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Six equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. Continental Resources currently has a consensus rating of “Hold” and an average price target of $21.64.

In related news, Director Timothy Garth Taylor bought 7,265 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was acquired at an average price of $13.64 per share, with a total value of $99,094.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Harold Hamm bought 1,300,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were bought at an average cost of $16.01 per share, with a total value of $20,813,000.00. The disclosure for this purchase can be found here. Insiders have bought 2,531,739 shares of company stock valued at $41,703,663 in the last three months. Corporate insiders own 79.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in Continental Resources by 30.9% during the 1st quarter. BlackRock Inc. now owns 6,776,869 shares of the oil and natural gas company’s stock valued at $51,777,000 after acquiring an additional 1,598,924 shares in the last quarter. Norges Bank purchased a new stake in Continental Resources during the 4th quarter valued at about $43,231,000. Two Sigma Advisers LP grew its stake in Continental Resources by 98.6% during the 1st quarter. Two Sigma Advisers LP now owns 2,471,883 shares of the oil and natural gas company’s stock valued at $18,885,000 after acquiring an additional 1,227,400 shares in the last quarter. State Street Corp grew its stake in Continental Resources by 21.6% during the 1st quarter. State Street Corp now owns 5,125,437 shares of the oil and natural gas company’s stock valued at $39,158,000 after acquiring an additional 912,047 shares in the last quarter. Finally, Caymus Capital Partners L.P. purchased a new stake in Continental Resources during the 1st quarter valued at about $5,121,000. 21.11% of the stock is owned by institutional investors and hedge funds.

The company has a market cap of $5.51 billion, a PE ratio of 16.23 and a beta of 3.43. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.14 and a current ratio of 1.20. The firm’s 50 day moving average is $15.34 and its 200-day moving average is $20.09.

Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Monday, May 11th. The oil and natural gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.05). Continental Resources had a net margin of 9.18% and a return on equity of 8.60%. The business had revenue of $880.80 million for the quarter, compared to analysts’ expectations of $843.57 million. During the same period in the prior year, the company posted $0.58 EPS. The firm’s revenue was down 21.7% on a year-over-year basis. On average, analysts predict that Continental Resources, Inc. will post -1.4 EPS for the current year.

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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