Barclays PLC Upgrades Continental Resources Inc. (CLR) to Overweight
Continental Resources Inc. (NYSE:CLR) was upgraded by equities research analysts at Barclays PLC from an “equal weight” rating to an “overweight” rating in a report released on Monday. The brokerage currently has a $60.00 price objective on the stock, up from their prior price objective of $48.00. Barclays PLC’s target price would indicate a potential upside of 16.37% from the stock’s previous close.
Several other brokerages have also recently weighed in on CLR. Nomura boosted their price target on shares of Continental Resources from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, August 25th. Canaccord Genuity set a $60.00 price target on shares of Continental Resources and gave the stock a “buy” rating in a research report on Friday, October 7th. Wunderlich boosted their price target on shares of Continental Resources from $50.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, August 19th. Stifel Nicolaus restated a “hold” rating on shares of Continental Resources in a research report on Wednesday, August 31st. Finally, BMO Capital Markets restated a “buy” rating and issued a $50.00 price target on shares of Continental Resources in a research report on Wednesday, September 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $45.77.
Shares of Continental Resources (NYSE:CLR) opened at 51.56 on Monday. Continental Resources has a 52-week low of $13.94 and a 52-week high of $55.07. The stock has a 50 day moving average of $49.75 and a 200 day moving average of $43.83. The stock’s market capitalization is $19.10 billion.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by $0.01. The company had revenue of $525.70 million for the quarter, compared to the consensus estimate of $518.42 million. Continental Resources had a negative net margin of 24.96% and a negative return on equity of 7.57%. The company’s quarterly revenue was down 33.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 EPS. Analysts forecast that Continental Resources will post ($0.80) earnings per share for the current year.
In related news, COO Jack H. Stark sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $49.24, for a total value of $590,880.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Gary E. Gould sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $50.25, for a total value of $251,250.00. The disclosure for this sale can be found here. 76.97% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. BlueMountain Capital Management LLC acquired a new stake in Continental Resources during the first quarter valued at approximately $129,000. Synovus Financial Corp acquired a new stake in Continental Resources during the second quarter valued at approximately $131,000. I.G. Investment Management LTD. acquired a new stake in Continental Resources during the second quarter valued at approximately $149,000. Shell Asset Management Co. boosted its stake in Continental Resources by 19.3% in the second quarter. Shell Asset Management Co. now owns 3,737 shares of the company’s stock valued at $169,000 after buying an additional 604 shares in the last quarter. Finally, Westpac Banking Corp boosted its stake in Continental Resources by 45.1% in the second quarter. Westpac Banking Corp now owns 4,276 shares of the company’s stock valued at $194,000 after buying an additional 1,329 shares in the last quarter. 23.36% of the stock is currently owned by institutional investors and hedge funds.
About Continental Resources
Continental Resources, Inc is an independent crude oil and natural gas exploration and production company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units.
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