Continental Resources (CLR) Shares Down 5.9%

Continental Resources, Inc. (NYSE:CLR) dropped 5.9% during trading on Monday . The stock traded as low as $49.58 and last traded at $50.37. Approximately 2,615,253 shares traded hands during trading, an increase of 23% from the average daily volume of 2,124,358 shares. The stock had previously closed at $53.54.

CLR has been the topic of several analyst reports. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a report on Wednesday, July 4th. TD Securities initiated coverage on Continental Resources in a report on Thursday, July 5th. They set a “hold” rating and a $73.00 target price on the stock. Morgan Stanley dropped their target price on Continental Resources from $97.00 to $89.00 and set an “overweight” rating on the stock in a report on Thursday, July 12th. Jefferies Financial Group set a $83.00 target price on Continental Resources and gave the company a “buy” rating in a report on Friday, July 13th. Finally, ValuEngine downgraded Continental Resources from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Eleven research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $72.38.

The stock has a market capitalization of $20.13 billion, a P/E ratio of 98.76, a P/E/G ratio of 1.32 and a beta of 1.24. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 1.10.

Continental Resources (NYSE:CLR) last issued its earnings results on Monday, October 29th. The oil and natural gas company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.82 by $0.08. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.21 billion. Continental Resources had a return on equity of 14.01% and a net margin of 32.80%. The business’s revenue was up 76.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 EPS. On average, research analysts expect that Continental Resources, Inc. will post 3.22 earnings per share for the current year.

In other news, SVP Gary E. Gould sold 5,000 shares of Continental Resources stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $67.00, for a total value of $335,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 76.83% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC grew its position in shares of Continental Resources by 16.9% in the 2nd quarter. FMR LLC now owns 14,985,708 shares of the oil and natural gas company’s stock worth $970,474,000 after acquiring an additional 2,170,030 shares in the last quarter. BlackRock Inc. grew its position in shares of Continental Resources by 5.6% in 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 acquiring an additional 256,614 shares in the last quarter. Millennium Management LLC grew its position in shares of Continental Resources by 269.1% in the 2nd quarter. Millennium Management LLC now owns 1,415,575 shares of the oil and natural gas company’s stock worth $91,673,000 after acquiring an additional 1,032,069 shares in the last quarter. Bank of America Corp DE grew its position in shares of Continental Resources by 20.3% in 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 acquiring an additional 226,626 shares in the last quarter. Finally, Voya Investment Management LLC grew its position in shares of Continental Resources by 2,976.3% in the 2nd quarter. Voya Investment Management LLC now owns 825,169 shares of the oil and natural gas company’s stock worth $53,438,000 after acquiring an additional 798,346 shares in the last quarter. Institutional investors own 22.49% of the company’s stock.

Continental Resources Company Profile (NYSE:CLR)

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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