Scotiabank Lowers Continental Resources Inc. (CLR) Price Target to $16.00
Continental Resources Inc. (NYSE:CLR) had its price target decreased by stock analysts at Scotiabank from $16.50 to $16.00 in a research note issued on Friday. The firm currently has an “outperform” rating on the stock. Scotiabank’s price objective suggests a potential downside of 65.79% from the stock’s previous close.
Other equities analysts have also issued reports about the company. BMO Capital Markets assumed coverage on Continental Resources in a report on Sunday, October 30th. They issued a “buy” rating and a $18.00 price objective for the company. RBC Capital Markets reissued an “outperform” rating and issued a $51.00 price objective (up from $48.00) on shares of Continental Resources in a report on Friday, August 5th. Zacks Investment Research lowered Continental Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. SunTrust Banks Inc. raised Continental Resources from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, August 1st. Finally, Canaccord Genuity set a $51.00 price target on Continental Resources and gave the company a “buy” rating in a research note on Thursday, August 18th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Continental Resources has an average rating of “Buy” and an average target price of $46.07.
Shares of Continental Resources (NYSE:CLR) opened at 46.77 on Friday. The stock has a 50 day moving average price of $50.14 and a 200-day moving average price of $45.78. The stock’s market cap is $17.33 billion. Continental Resources has a 12 month low of $13.94 and a 12 month high of $55.07.
Continental Resources (NYSE:CLR) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.07. Continental Resources had a negative return on equity of 8.69% and a negative net margin of 28.27%. The business earned $526.20 million during the quarter, compared to the consensus estimate of $148.37 million. During the same period last year, the company earned ($0.12) earnings per share. The business’s quarterly revenue was down 22.9% compared to the same quarter last year. On average, analysts forecast that Continental Resources will post ($0.89) EPS for the current fiscal year.
In other Continental Resources news, SVP Steven K. Owen sold 3,200 shares of the stock in a transaction on Wednesday, September 21st. The shares were sold at an average price of $46.54, for a total transaction of $148,928.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Gary E. Gould sold 5,000 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $50.25, for a total transaction of $251,250.00. The disclosure for this sale can be found here. Company insiders own 76.97% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. FineMark National Bank & Trust increased its position in Continental Resources by 54.6% in the third quarter. FineMark National Bank & Trust now owns 2,319 shares of the company’s stock valued at $121,000 after buying an additional 819 shares during the last quarter. BlueMountain Capital Management LLC acquired a new position in Continental Resources during the first quarter valued at approximately $129,000. Synovus Financial Corp acquired a new position in Continental Resources during the second quarter valued at approximately $131,000. I.G. Investment Management LTD. acquired a new position in Continental Resources during the second quarter valued at approximately $149,000. Finally, Bronfman E.L. Rothschild L.P. increased its position in Continental Resources by 2,295.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 2,899 shares of the company’s stock valued at $151,000 after buying an additional 2,778 shares during the last quarter. 23.47% of the stock is currently owned by hedge funds and other institutional investors.
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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