Continental Resources (NYSE:CLR) Downgraded to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada cut shares of Continental Resources (NYSE:CLR) from an outperform rating to a sector perform rating in a report published on Thursday, PriceTargets.com reports. They currently have $40.00 target price on the oil and natural gas company’s stock, up from their previous target price of $34.00. The analysts noted that the move was a valuation call.

CLR has been the subject of several other research reports. Mizuho upped their target price on Continental Resources from $29.00 to $35.00 and gave the stock a neutral rating in a research report on Monday, May 17th. Credit Suisse Group upped their target price on Continental Resources from $27.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, April 29th. The Goldman Sachs Group assumed coverage on Continental Resources in a research note on Tuesday, March 23rd. They issued a sell rating and a $24.50 price target on the stock. Raymond James upgraded Continental Resources from a market perform rating to an outperform rating and set a $34.00 price target on the stock in a research note on Friday, April 23rd. Finally, Truist boosted their price target on Continental Resources from $26.00 to $36.00 in a research note on Friday, April 30th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $28.78.

CLR stock opened at $35.29 on Thursday. The firm’s 50-day moving average price is $29.52. Continental Resources has a 12-month low of $11.09 and a 12-month high of $36.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.80 and a current ratio of 0.86. The stock has a market capitalization of $12.97 billion, a P/E ratio of -84.02 and a beta of 3.31.

Continental Resources (NYSE:CLR) last issued its earnings results on Tuesday, April 27th. The oil and natural gas company reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.25. Continental Resources had a negative return on equity of 1.80% and a negative net margin of 5.19%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $922.45 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The company’s revenue was up 38.0% compared to the same quarter last year. Equities analysts predict that Continental Resources will post 2.11 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, May 24th. Stockholders of record on Monday, May 10th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.25%. This is a boost from Continental Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, May 7th. Continental Resources’s dividend payout ratio is presently -37.61%.

In other news, Director Ellis L. Mccain sold 27,238 shares of the stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $30.68, for a total transaction of $835,661.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John D. Hart sold 7,500 shares of the stock in a transaction that occurred on Wednesday, March 24th. The stock was sold at an average price of $26.63, for a total value of $199,725.00. The disclosure for this sale can be found here. Insiders have sold a total of 42,051 shares of company stock worth $1,252,071 over the last quarter. Insiders own 82.35% of the company’s stock.

Several institutional investors have recently made changes to their positions in CLR. Lord Abbett & CO. LLC acquired a new stake in shares of Continental Resources during the 4th quarter worth approximately $31,223,000. Smead Capital Management Inc. grew its holdings in Continental Resources by 36.5% in the 1st quarter. Smead Capital Management Inc. now owns 4,222,846 shares of the oil and natural gas company’s stock worth $109,245,000 after buying an additional 1,129,084 shares in the last quarter. BlackRock Inc. grew its holdings in Continental Resources by 21.2% in the 1st quarter. BlackRock Inc. now owns 4,972,057 shares of the oil and natural gas company’s stock worth $128,626,000 after buying an additional 870,128 shares in the last quarter. Impala Asset Management LLC bought a new position in Continental Resources in the 4th quarter worth approximately $8,554,000. Finally, State of Wisconsin Investment Board grew its holdings in Continental Resources by 3,487.9% in the 1st quarter. State of Wisconsin Investment Board now owns 510,779 shares of the oil and natural gas company’s stock worth $13,214,000 after buying an additional 496,543 shares in the last quarter. Institutional investors and hedge funds own 13.79% of the company’s stock.

About Continental Resources

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas primarily in the north, south, and east regions of the United States. The company sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies.

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Analyst Recommendations for Continental Resources (NYSE:CLR)

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