Continental Resources (NYSE:CLR) Price Target Raised to $56.00 at Wells Fargo & Company

Continental Resources (NYSE:CLR) had its target price boosted by Wells Fargo & Company from $48.00 to $56.00 in a report issued on Thursday, The Fly reports. The firm currently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 6.99% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on CLR. MKM Partners reissued a “neutral” rating and issued a $54.00 price target (down from $57.00) on shares of Continental Resources in a research note on Wednesday. They noted that the move was a valuation call. Citigroup raised shares of Continental Resources from a “neutral” rating to a “buy” rating and upped their target price for the stock from $40.00 to $54.00 in a research note on Tuesday, September 28th. Morgan Stanley increased their price objective on shares of Continental Resources from $34.00 to $47.00 and gave the company an “underweight” rating in a research report on Wednesday, October 6th. Truist Securities increased their price objective on shares of Continental Resources from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Finally, Bank of America cut shares of Continental Resources from a “buy” rating to a “neutral” rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $43.03.

Continental Resources stock opened at $52.34 on Thursday. The company’s 50 day simple moving average is $41.24 and its 200-day simple moving average is $35.30. The company has a market capitalization of $19.24 billion, a price-to-earnings ratio of 50.82, a price-to-earnings-growth ratio of 1.14 and a beta of 3.37. Continental Resources has a 1 year low of $11.61 and a 1 year high of $55.48. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.04 and a current ratio of 1.11.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Sunday, August 1st. The oil and natural gas company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.36. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.14 billion. Continental Resources had a net margin of 9.47% and a return on equity of 7.09%. The business’s revenue was up 603.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.71) EPS. Equities analysts expect that Continental Resources will post 3.93 earnings per share for the current year.

A number of large investors have recently bought and sold shares of CLR. BlackRock Inc. increased its holdings in Continental Resources by 21.2% during the 1st quarter. BlackRock Inc. now owns 4,972,057 shares of the oil and natural gas company’s stock valued at $128,626,000 after acquiring an additional 870,128 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Continental Resources by 21.6% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 154,484 shares of the oil and natural gas company’s stock worth $2,518,000 after purchasing an additional 27,414 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Continental Resources by 51.3% during the 1st quarter. Panagora Asset Management Inc. now owns 11,419 shares of the oil and natural gas company’s stock worth $295,000 after purchasing an additional 3,871 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Continental Resources by 45.5% during the 1st quarter. JPMorgan Chase & Co. now owns 155,045 shares of the oil and natural gas company’s stock worth $4,011,000 after purchasing an additional 48,490 shares during the last quarter. Finally, Waddell & Reed Financial Inc. boosted its stake in shares of Continental Resources by 1.4% during the 1st quarter. Waddell & Reed Financial Inc. now owns 154,314 shares of the oil and natural gas company’s stock worth $3,992,000 after purchasing an additional 2,102 shares during the last quarter. Hedge funds and other institutional investors own 13.14% of the company’s stock.

Continental Resources Company Profile

Continental Resources, Inc engages in the exploration, development and production of crude oil and natural gas. The firm sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies. The company was founded by Harold G.

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