Jefferies Financial Group Weighs in on Continental Resources, Inc.’s Q3 2018 Earnings (CLR)

Continental Resources, Inc. (NYSE:CLR) – Investment analysts at Jefferies Financial Group decreased their Q3 2018 earnings estimates for shares of Continental Resources in a report issued on Monday, October 15th. Jefferies Financial Group analyst T. Hughes now forecasts that the oil and natural gas company will earn $0.84 per share for the quarter, down from their prior estimate of $0.86. Jefferies Financial Group has a “Buy” rating and a $83.00 price objective on the stock. Jefferies Financial Group also issued estimates for Continental Resources’ Q4 2018 earnings at $1.17 EPS and FY2018 earnings at $3.42 EPS.

Continental Resources (NYSE:CLR) last issued its quarterly earnings data on Tuesday, August 7th. The oil and natural gas company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. Continental Resources had a return on equity of 14.01% and a net margin of 32.80%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion.

CLR has been the subject of several other research reports. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective for the company in a report on Wednesday, July 4th. Seaport Global Securities upgraded Continental Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $64.00 to $75.00 in a report on Monday. Scotiabank reiterated a “buy” rating and set a $78.00 price objective on shares of Continental Resources in a report on Thursday, September 27th. Morgan Stanley decreased their price objective on Continental Resources from $97.00 to $89.00 and set an “overweight” rating for the company in a report on Thursday, July 12th. Finally, TD Securities started coverage on Continental Resources in a research note on Thursday, July 5th. They issued a “hold” rating and a $73.00 target price for the company. Twelve research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Continental Resources currently has an average rating of “Buy” and a consensus target price of $72.36.

Shares of CLR opened at $60.93 on Tuesday. Continental Resources has a 12 month low of $36.05 and a 12 month high of $71.95. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 1.10. The firm has a market cap of $25.68 billion, a PE ratio of 119.47, a price-to-earnings-growth ratio of 1.76 and a beta of 1.24.

Institutional investors and hedge funds have recently made changes to their positions in the business. Worldquant Millennium Quantitative Strategies LLC acquired a new stake in Continental Resources during the 2nd quarter worth about $29,364,000. BlackRock Inc. grew its position in Continental Resources by 5.6% during the 2nd quarter. BlackRock Inc. now owns 4,829,027 shares of the oil and natural gas company’s stock worth $312,729,000 after purchasing an additional 256,614 shares during the period. Bank of America Corp DE grew its position in Continental Resources by 20.3% during the 2nd quarter. Bank of America Corp DE now owns 1,345,658 shares of the oil and natural gas company’s stock worth $87,146,000 after purchasing an additional 226,626 shares during the period. Castleark Management LLC grew its position in Continental Resources by 1.0% during the 2nd quarter. Castleark Management LLC now owns 614,896 shares of the oil and natural gas company’s stock worth $39,821,000 after purchasing an additional 5,871 shares during the period. Finally, Teacher Retirement System of Texas grew its position in Continental Resources by 300.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 83,115 shares of the oil and natural gas company’s stock worth $5,383,000 after purchasing an additional 62,358 shares during the period. 22.53% of the stock is currently owned by institutional investors.

In other Continental Resources news, SVP Gary E. Gould sold 5,000 shares of the stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $67.00, for a total transaction of $335,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. 76.83% of the stock is currently owned by company insiders.

About Continental Resources

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties 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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Earnings History and Estimates for Continental Resources (NYSE:CLR)

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