Continental Resources, Inc. (CLR) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Continental Resources, Inc. (NYSE:CLR) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $51.00 target price on the oil and natural gas company’s stock.
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. “
Other analysts also recently issued reports about the company. BMO Capital Markets increased their price objective on Continental Resources from $8.00 to $11.00 in a research note on Monday, November 13th. Citigroup Inc. lowered their price objective on Continental Resources from $60.00 to $40.00 and set a buy rating for the company in a research note on Friday, July 21st. Royal Bank Of Canada reaffirmed a buy rating and set a $46.00 price target on shares of Continental Resources in a research report on Thursday, July 20th. Jefferies Group LLC set a $42.00 price target on Continental Resources and gave the company a buy rating in a research report on Tuesday, August 29th. Finally, Stifel Nicolaus set a $59.00 price target on Continental Resources and gave the company a buy rating in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $46.35.
Shares of Continental Resources (NYSE CLR) traded up $0.40 during trading on Tuesday, hitting $45.92. The stock had a trading volume of 2,543,709 shares, compared to its average volume of 2,878,658. The stock has a market capitalization of $17,080.00, a P/E ratio of 1,114.25 and a beta of 1.40. Continental Resources has a 12-month low of $29.08 and a 12-month high of $60.30. 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 (NYSE:CLR) last issued its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. The firm had revenue of $726.74 million during the quarter, compared to the consensus estimate of $710.77 million. Continental Resources had a positive return on equity of 0.23% and a negative net margin of 0.95%. The company’s quarterly revenue was up 38.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.22) earnings per share. equities analysts expect that Continental Resources will post 0.25 EPS for the current fiscal year.
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Several institutional investors have recently bought and sold shares of CLR. Toronto Dominion Bank boosted its holdings in shares of 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 worth $153,000 after acquiring an additional 2,810 shares during the period. Financial Architects Inc boosted its stake in Continental Resources by 870.0% during 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 buying an additional 4,350 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in Continental Resources by 35.0% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,863 shares of the oil and natural gas company’s stock valued at $187,000 after buying an additional 1,261 shares during the period. Sii Investments Inc. WI bought a new stake in Continental Resources during the third quarter valued at $200,000. Finally, Shell Asset Management Co. boosted its stake in Continental Resources by 17.7% during 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 buying an additional 944 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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