Q3 2017 EPS Estimates for Continental Resources Inc. Increased by Jefferies Group (CLR)
Continental Resources Inc. (NYSE:CLR) – Investment analysts at Jefferies Group lifted their Q3 2017 earnings estimates for Continental Resources in a research report issued to clients and investors on Thursday. Jefferies Group analyst J. Wolff now expects that the brokerage will post earnings per share of $0.10 for the quarter, up from their prior estimate of $0.08. Jefferies Group currently has a “Sell” rating and a $43.00 price target on the stock. Jefferies Group also issued estimates for Continental Resources’ Q4 2017 earnings at $0.23 EPS and FY2017 earnings at $0.31 EPS.
A number of other analysts have also commented on the stock. Scotiabank reduced their price target on shares of Continental Resources from $16.50 to $16.00 and set an “outperform” rating for the company in a research note on Friday, November 11th. Canaccord Genuity set a $60.00 price objective on shares of Continental Resources and gave the stock a “buy” rating in a report on Wednesday, November 2nd. Citigroup Inc. began coverage on shares of Continental Resources in a report on Monday, October 31st. They issued a “buy” rating and a $62.00 price objective on the stock. BMO Capital Markets began coverage on shares of Continental Resources in a report on Sunday, October 30th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Barclays PLC raised shares of Continental Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $48.00 to $60.00 in a report on Monday, October 17th. Two research 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 assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $46.07.
Continental Resources (NYSE:CLR) opened at 51.07 on Friday. Continental Resources has a one year low of $13.94 and a one year high of $55.07. The company’s market cap is $18.92 billion. The stock has a 50 day moving average of $50.12 and a 200-day moving average of $45.63.
Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.22) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.07. The company earned $526.20 million during the quarter, compared to the consensus estimate of $148.37 million. Continental Resources had a negative return on equity of 8.69% and a negative net margin of 28.27%. Continental Resources’s quarterly revenue was down 22.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) EPS.
A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Continental Resources by 97.7% in the second quarter. FMR LLC now owns 15,378,725 shares of the company’s stock worth $696,195,000 after buying an additional 7,600,699 shares during the period. Vanguard Group Inc. raised its stake in Continental Resources by 2.3% in the second quarter. Vanguard Group Inc. now owns 6,024,309 shares of the company’s stock worth $272,722,000 after buying an additional 135,141 shares during the period. TIAA CREF Investment Management LLC raised its stake in Continental Resources by 10.0% in the second quarter. TIAA CREF Investment Management LLC now owns 2,715,980 shares of the company’s stock worth $122,952,000 after buying an additional 246,720 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Continental Resources by 12.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,595,103 shares of the company’s stock valued at $117,480,000 after buying an additional 284,067 shares during the period. Finally, Teachers Advisors Inc. increased its position in shares of Continental Resources by 9.5% in the second quarter. Teachers Advisors Inc. now owns 2,258,449 shares of the company’s stock valued at $102,240,000 after buying an additional 196,842 shares during the period. 23.47% of the stock is owned by institutional investors.
In related news, COO Jack H. Stark sold 12,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $49.24, for a total value of $590,880.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Gary E. Gould sold 5,000 shares of the company’s stock in a transaction dated 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. 76.97% of the stock is currently 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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