Bridgeway Capital Management Inc. Invests $28,606,000 in Continental Resources Inc. (CLR)
Bridgeway Capital Management Inc. acquired a new position in Continental Resources Inc. (NYSE:CLR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 631,900 shares of the company’s stock, valued at approximately $28,606,000. Bridgeway Capital Management Inc. owned approximately 0.17% of Continental Resources at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in CLR. Ranger Investment Management L.P. raised its position in Continental Resources by 1.1% in the second quarter. Ranger Investment Management L.P. now owns 5,548 shares of the company’s stock worth $251,000 after buying an additional 60 shares during the period. BOKF NA raised its position in shares of Continental Resources by 0.4% in the second quarter. BOKF NA now owns 14,733 shares of the company’s stock valued at $667,000 after buying an additional 61 shares during the period. IBM Retirement Fund raised its position in shares of Continental Resources by 1.0% in the second quarter. IBM Retirement Fund now owns 8,753 shares of the company’s stock valued at $396,000 after buying an additional 87 shares during the period. Brown Advisory Inc. raised its position in shares of Continental Resources by 0.7% in the second quarter. Brown Advisory Inc. now owns 17,220 shares of the company’s stock valued at $779,000 after buying an additional 112 shares during the period. Finally, Paradigm Asset Management Co. LLC raised its position in shares of Continental Resources by 4.2% in the second quarter. Paradigm Asset Management Co. LLC now owns 8,250 shares of the company’s stock valued at $373,000 after buying an additional 336 shares during the period. 23.73% of the stock is currently owned by institutional investors.
Continental Resources Inc. (NYSE:CLR) traded down 4.00% during mid-day trading on Friday, hitting $45.40. The stock had a trading volume of 3,188,599 shares. Continental Resources Inc. has a 12-month low of $13.94 and a 12-month high of $55.07. The company has a 50-day moving average of $50.12 and a 200-day moving average of $45.63. The stock’s market cap is $16.82 billion.
Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The firm earned $526.20 million during the quarter, compared to the consensus estimate of $148.37 million. Continental Resources had a negative net margin of 28.27% and a negative return on equity of 8.69%. The firm’s quarterly revenue was down 22.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) earnings per share. On average, analysts anticipate that Continental Resources Inc. will post ($0.88) earnings per share for the current fiscal year.
Several brokerages have recently commented on CLR. Canaccord Genuity set a $60.00 price target on Continental Resources and gave the company a “buy” rating in a research note on Friday, October 7th. Barclays PLC raised Continental Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $48.00 to $60.00 in a research note on Monday, October 17th. Jefferies Group set a $43.00 price target on Continental Resources and gave the company a “sell” rating in a research note on Tuesday, October 18th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Continental Resources in a research note on Friday, October 28th. Finally, Scotiabank decreased their target price on Continental Resources from $17.00 to $16.75 and set an “outperform” rating on the stock in a research note on Wednesday, September 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $46.00.
In other news, CFO John D. Hart sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $46.84, for a total transaction of $187,360.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Steven K. Owen sold 3,200 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $46.54, for a total value of $148,928.00. The disclosure for this sale can be found here. 76.97% of the stock is owned by corporate insiders.
Continental Resources Company Profile
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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