UBS Group Raises Continental Resources (NYSE:CLR) Price Target to $16.00

Continental Resources (NYSE:CLR) had its price objective upped by equities research analysts at UBS Group from $7.00 to $16.00 in a report released on Monday, BenzingaRatingsTable reports. The firm currently has a “neutral” rating on the oil and natural gas company’s stock. UBS Group’s target price would indicate a potential downside of 8.73% from the stock’s previous close.

Several other research firms also recently issued reports on CLR. Barclays downgraded Continental Resources from an “overweight” rating to an “equal weight” rating and set a $16.00 price target for the company. in a research note on Tuesday, March 24th. Piper Sandler downgraded Continental Resources from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $50.00 to $3.00 in a research note on Tuesday, March 24th. Siebert Williams Shank started coverage on Continental Resources in a research note on Monday, June 15th. They set a “hold” rating and a $18.00 price target for the company. Imperial Capital upped their price target on Continental Resources from $14.00 to $18.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 23rd. Finally, Raymond James downgraded Continental Resources from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 17th. Six 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. Continental Resources currently has a consensus rating of “Hold” and an average price target of $21.64.

Shares of CLR stock opened at $17.53 on Monday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.20 and a quick ratio of 1.14. Continental Resources has a fifty-two week low of $6.90 and a fifty-two week high of $43.57. The stock’s 50-day moving average is $15.34 and its two-hundred day moving average is $20.09. The firm has a market cap of $5.51 billion, a P/E ratio of 16.23 and a beta of 3.43.

Continental Resources (NYSE:CLR) last released 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 consensus estimate of ($0.03) by ($0.05). The company had revenue of $880.80 million for the quarter, compared to the consensus estimate of $843.57 million. Continental Resources had a return on equity of 8.60% and a net margin of 9.18%. The business’s revenue was down 21.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. As a group, research analysts expect that Continental Resources will post -1.4 EPS for the current year.

In related news, Director Timothy Garth Taylor bought 7,265 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $13.64 per share, with a total value of $99,094.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Harold Hamm purchased 1,300,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were acquired 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. Over the last three months, insiders bought 2,531,739 shares of company stock valued at $41,703,663. 79.60% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its holdings in Continental Resources by 0.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 54,669 shares of the oil and natural gas company’s stock valued at $1,875,000 after purchasing an additional 505 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in Continental Resources during the 4th quarter valued at $4,768,000. Rhumbline Advisers increased its holdings in Continental Resources by 1.0% during the 4th quarter. Rhumbline Advisers now owns 72,621 shares of the oil and natural gas company’s stock valued at $2,491,000 after purchasing an additional 740 shares in the last quarter. Amalgamated Bank increased its holdings in Continental Resources by 7.8% during the 4th quarter. Amalgamated Bank now owns 11,480 shares of the oil and natural gas company’s stock valued at $394,000 after purchasing an additional 834 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its holdings in Continental Resources by 9.7% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 9,789 shares of the oil and natural gas company’s stock valued at $336,000 after purchasing an additional 867 shares in the last quarter. 21.11% of the stock is owned by hedge funds and other institutional investors.

Continental Resources Company Profile

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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