Continental Resources, Inc. (CLR) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Continental Resources, Inc. (NYSE:CLR) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “CONTINENTAL RESOURCES is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The Company focuses its operations in large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations. “
CLR has been the subject of several other research reports. BidaskClub upgraded Continental Resources from a strong sell rating to a sell rating in a research report on Wednesday, August 2nd. Barclays PLC lifted their price objective on Continental Resources from $37.00 to $42.00 and gave the company an overweight rating in a research report on Wednesday, October 11th. Royal Bank Of Canada lifted their price objective on Continental Resources from $48.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, November 9th. Citigroup Inc. cut their price objective on Continental Resources from $60.00 to $40.00 and set a buy rating for the company in a research report on Friday, July 21st. Finally, Morgan Stanley lifted their price objective on Continental Resources from $43.00 to $51.00 and gave the company an overweight rating in a research report on Wednesday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $46.27.
Shares of Continental Resources (NYSE CLR) traded down $0.86 on Monday, reaching $45.83. The company’s stock had a trading volume of 3,974,900 shares, compared to its average volume of 2,870,929. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.55. Continental Resources has a 52-week low of $29.08 and a 52-week high of $60.30. The company has a market cap of $17,518.50, a P/E ratio of 1,167.25 and a beta of 1.40.
Continental Resources (NYSE:CLR) last issued its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.05. Continental Resources had a positive return on equity of 0.23% and a negative net margin of 0.95%. The firm had revenue of $726.74 million during the quarter, compared to the consensus estimate of $710.77 million. During the same quarter in the previous year, the company posted ($0.22) EPS. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. sell-side analysts forecast that Continental Resources will post 0.23 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the business. Toronto Dominion Bank grew its stake in Continental Resources by 244.1% in the third quarter. Toronto Dominion Bank now owns 3,961 shares of the oil and natural gas company’s stock valued at $153,000 after acquiring an additional 2,810 shares during the period. Financial Architects Inc grew its stake in Continental Resources by 870.0% in the second quarter. Financial Architects Inc now owns 4,850 shares of the oil and natural gas company’s stock valued at $157,000 after acquiring an additional 4,350 shares during the period. Sii Investments Inc. WI acquired a new position in Continental Resources in the third quarter valued at about $200,000. Shell Asset Management Co. grew its stake in Continental Resources by 17.7% in the second quarter. Shell Asset Management Co. now owns 6,266 shares of the oil and natural gas company’s stock valued at $203,000 after acquiring an additional 944 shares during the period. Finally, Sei Investments Co. grew its stake in Continental Resources by 131.7% in the third quarter. Sei Investments Co. now owns 5,294 shares of the oil and natural gas company’s stock valued at $205,000 after acquiring an additional 3,009 shares during the period. 23.27% of the stock is owned by hedge funds and other institutional investors.
About Continental Resources
Continental Resources, Inc is a crude oil and natural gas 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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